29/09/2011 (The Star) - Global economic uncertainties are not expected to impact the local commodities market especially palm oil and rubber, Deputy Plantation Industries and Commodities Minister Datuk Hamzah Zainudin said.

“I am optimistic that the palm oil industry will continue to grow and hit the government's target of RM178bil in returns by 2020,” he said after opening the 31st palm oil familiarisation programme organised by the Malaysian Palm Oil Board (MPOB) here yesterday.

The palm oil industry is key to Malaysia achieving high-income status within the next 10 years, Hamzah said.

He added that the Government had identified the sector as one of the National Key Economic Areas (NKEA) under the Economic Transformation Programme (ETP).

“This year, palm oil accounted for RM62.86bil of gross national income,” he said.

He pointed out that under palm oil's NKEA, eight entry point projects (EPPs) were being implemented to further transform the industry and capitalise on demand.

“The board is continously carrying out research and development to find new products and uses for palm oil, including its use as fuel,” he said.

Hamzah also dismissed accusations by certain quarters including NGOs that the palm oil industry here is affecting the country's environment.

He described this as a non-issue as the country has about 56.4% of untouched natural forest.