MARKET DEVELOPMENT
BUDGET: FGV Welcomes Measures To Build Capacity In Plantation Sector
BUDGET: FGV Welcomes Measures To Build Capacity In Plantation Sector
11/10/2014 (Bernama) - Felda Global Ventures Holdings Bhd (FGV) has lauded the government's move to extent the export duty exemption for crude palm oil (CPO) and new planting and replanting in the 2015 Budget tabled by Prime Minister Datuk Seri Najib Tun Razak.
"We are confident that the proposed measures will provide the necessary stimulus to build capacity and enhance productivity in the plantation sector," FGV Group President and Chief Executive Officer Mohd Emir Mavani Abdullah said.
He said the decision to extend the deferment of the CPO export tax until December 2014 was a positive step.
"It has proven to be effective and helped increased CPO exports in September," he told Bernama.
Palm oil export in September jumped 13.27 per cent to 1.628 million tonnes compared with 1.437 million tonnes in August.
Mohd Emir said the deferment of the tax until the end of the year would boost the competitiveness of the Malaysian CPO in key export markets.
He said this would further reduce CPO stock and boost CPO prices - a development that would naturally be welcomed by the industry.
"We also welcome incentives and stimulus programmes that would encourage replanting of oil palm by smallholders," he said, adding that this would help improve productivity and competitiveness.
"We are confident that the proposed measures will provide the necessary stimulus to build capacity and enhance productivity in the plantation sector," FGV Group President and Chief Executive Officer Mohd Emir Mavani Abdullah said.
He said the decision to extend the deferment of the CPO export tax until December 2014 was a positive step.
"It has proven to be effective and helped increased CPO exports in September," he told Bernama.
Palm oil export in September jumped 13.27 per cent to 1.628 million tonnes compared with 1.437 million tonnes in August.
Mohd Emir said the deferment of the tax until the end of the year would boost the competitiveness of the Malaysian CPO in key export markets.
He said this would further reduce CPO stock and boost CPO prices - a development that would naturally be welcomed by the industry.
"We also welcome incentives and stimulus programmes that would encourage replanting of oil palm by smallholders," he said, adding that this would help improve productivity and competitiveness.