KUALA LUMPUR: Malaysia's palm oil and palm products exports are expected to surpass the RM70 billion target in 2020, Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said.
Speaking at the Malaysian Palm Oil Trade Fair and Seminar (POTS) Digital 2021, he said this would be an enviable achievement by the sector considering the various challenges it had faced throughout the year.
"This has not only benefited the country through high import earnings but also benefitted the smallholders.
"For this, I must congratulate the palm oil producers, particularly the smallholders, for their steadfastness and resilience in maintaining this industry despite the once gloomy outlook," he said in his opening remark today.
In 2019, total export value of Malaysian palm oil and palm products was recorded at RM67.5 billion.
Khairuddin said the ministry had expected the global demand for oils and fats to recover in 2021 despite the Covid-19 pandemic.
"Although the 2021 global economy is expected to recover at a slower pace compared to previous years, it should not dampen global oils and fats consumption.
"As the most produced and the most competitively priced edible oil, palm oil is poised to meet this challenge by providing not only an affordable option but also a nutritious oil to feed this growth in demand in the coming years," he said.
Meanwhile, Malaysian Palm Oil Council (MPOC) chairman Datuk Osman Sapian said the pandemic had forced the local palm oil industry to review its traditional ways of doing business and be innovative and pioneering in its approach.
He said MPOC had capitalised on the power of the internet and electronic communication to strengthen its outreach to an even bigger global audience through the groundbreaking virtual conference approach.
"This Digital Palm Oil Trade Fair and Seminar has the support from all those involved in the palm oil industry and this is evident by the presence of sponsors, exhibitors and participants from within and outside of the palm oil industry.
"This will not only foster relationships within the oils and fats industry players, but also with decision makers in all related areas," he said.
The conference, which spans across the next four days, will feature presentation of 27 papers on topics ranging from current issues surrounding palm oil industry, market challenges and development, sustainability challenges, innovative applications in the palm oil industry, as well as market updates and prices forecast.