MARKET DEVELOPMENT
RM250 Mln Grant To Encourage Investments In Oleochemicals, Food And Health Value-added Products, Says Ahmad Zahid
RM250 Mln Grant To Encourage Investments In Oleochemicals, Food And Health Value-added Products, Says Ahmad Zahid
09/03/2016 (Bernama) - The government has allocated RM250 million in grant to encourage investments in production of oleochemicals and food and health value-added products, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.
A RM4.5 million grant has also being allocated to smallholders and plantation companies to acquire in-field equipment and machineries, he said.
Ahmad Zahid said the allocation was in line with the government's effort to continue facilitating the development of the palm oil industry by making available grants for specific projects for the period of 2016 to 2020.
"The industry is one of the major contributors to Malaysia's economic growth, including generating employment opportunities in the agriculture sector.
"Currently, the industry provides direct employment to over one million people including 600,000 smallholders," he said in his keynote address at the Palm and Lauric Oils Price Outlook Conference and Exhibition 2016 (POC 2016) here today.
The text of his speech was read by the Minister of Plantation Industries and Commodities Datuk Amar Douglas Uggah Embas.
Ahmad Zahid said last year, Malaysia produced 19.96 million tonnes of crude palm oil from a planted area of 5.64 million hectares, exporting 26.2 million tonnes of palm oil products and generated export earnings of RM63.2 billion.
He said the palm oil sector also contributed to 8.1 per cent of the country's total merchandise exports.
In terms of environmental and agricultural practices, he said, 25.3 per cent of Malaysia's planted area were certified under the voluntary industry led certification, Roundtable on Sustainable Palm Oil.
He said Malaysia has also implemented the Malaysian Sustainable Palm Oil Certification Scheme (MSPO) beginning of last year to promote the production of sustainable palm oil.
"MSPO is based on compliance to domestic laws and regulations, including the development and management of palm oil cultivation that subscribes to best environment and agricultural practices," he said.
Meanwhile, Ahmad Zahid said, the government, through Malaysian palm Oil Board, was collaborating with renowned scientists around the world to expand the use of palm oil nutritions in various food products and capitalise on the oil nutritional benefits.
"For this purpose, an amount of RM30 million will be allocated for the period of 2016 to 2020," he said.
A RM4.5 million grant has also being allocated to smallholders and plantation companies to acquire in-field equipment and machineries, he said.
Ahmad Zahid said the allocation was in line with the government's effort to continue facilitating the development of the palm oil industry by making available grants for specific projects for the period of 2016 to 2020.
"The industry is one of the major contributors to Malaysia's economic growth, including generating employment opportunities in the agriculture sector.
"Currently, the industry provides direct employment to over one million people including 600,000 smallholders," he said in his keynote address at the Palm and Lauric Oils Price Outlook Conference and Exhibition 2016 (POC 2016) here today.
The text of his speech was read by the Minister of Plantation Industries and Commodities Datuk Amar Douglas Uggah Embas.
Ahmad Zahid said last year, Malaysia produced 19.96 million tonnes of crude palm oil from a planted area of 5.64 million hectares, exporting 26.2 million tonnes of palm oil products and generated export earnings of RM63.2 billion.
He said the palm oil sector also contributed to 8.1 per cent of the country's total merchandise exports.
In terms of environmental and agricultural practices, he said, 25.3 per cent of Malaysia's planted area were certified under the voluntary industry led certification, Roundtable on Sustainable Palm Oil.
He said Malaysia has also implemented the Malaysian Sustainable Palm Oil Certification Scheme (MSPO) beginning of last year to promote the production of sustainable palm oil.
"MSPO is based on compliance to domestic laws and regulations, including the development and management of palm oil cultivation that subscribes to best environment and agricultural practices," he said.
Meanwhile, Ahmad Zahid said, the government, through Malaysian palm Oil Board, was collaborating with renowned scientists around the world to expand the use of palm oil nutritions in various food products and capitalise on the oil nutritional benefits.
"For this purpose, an amount of RM30 million will be allocated for the period of 2016 to 2020," he said.