Govt allocates RM70mil to improve palm oil industry's sustainability
07/10/2022 (The Star Online), Kuala Lumpur - A total of RM70 million is allocated to improve the palm oil industry’s sustainability, including encouraging the recycling of palm waste material, Minister of Finance Tengku Datuk Seri Zafrul Abdul Aziz said.
"The government will also intensify efforts to promote and campaign to deal with global anti-palm oil movement,” he said at the tabling of Budget 2023 at the parliament today.
He said the Malaysian Sustainable Palm Oil (MSPO) certification has covered 98 per cent of palm oil cultivation.
On foreign workers levy, he said a multi-tiered levy for foreign workers is targeted to be implemented by 2023.
"Through the approach, companies with a high number of foreign workers such as the plantation and construction sectors will be subjected to a higher levy rate and the government plans to re-channel the additional levy revenue to support employers funding automation initiatives,” he said.
He added that the policy would incentivise and help employers reduce dependency on foreign workers. – Bernama
Malaysia expects crude palm oil price to average RM4,300 per tonne in 2023
07/10/2022 (The Edge Markets) - KUALA LUMPUR (Oct 7): Malaysia on Friday forecast crude palm oil price would average RM4,300 (US$928.93) per tonne in 2023, down from RM5,000 this year.
That is higher than the last 10-year average of RM2,685, as supply of global edible oils and fats is expected to remain tight, according to Malaysia's Economic Outlook report (Economic Report 2022/2023) released together with the 2023 budget. Malaysia is the world's second largest producer of crude palm oil.
Benchmark prices on the Malaysian exchange rallied to a record high of RM7,268 early this year, as a labour crunch and the war in Ukraine triggered a global edible oil shortage. Prices have given up nearly half of those gains since then.
Crude palm oil production will be higher next year, compared to 2022, the government said.