MPIC committed to safeguard long-term interests of palm oil industry - Zuraida

This is despite the sanctions imposed by the United States (US) and the European Union (EU) on Malaysian palm oil, MPIC Minister Datuk Zuraida Kamaruddin said.

She said her ministry will strive to expand the Malaysian palm oil market to overseas markets, especially in West Asia such as in Turkey and Saudi Arabia.

In 2021, Malaysian palm oil exports to Turkey amounted to a total of 703,588 tonnes, and Saudi Arabia committed to increasing Malaysian palm oil imports to 500,000 tonnes which is estimated to reach RM1.5 billion in value this year.

"Recently, following my visit and the MPIC delegation to Saudi Arabia, several memorandums of understanding (MoU) were signed with several companies including the Savola Group, which is the largest importer and distributor of edible oils in Saudi Arabia.

"MPIC entered into three areas of cooperation, including the construction of a storage tank terminal in Jeddah; making Saudi Arabia a hub for the re-exporting of Malaysian palm oil; and a joint campaign to promote the benefits of Malaysian palm oil to their country and the world," she said in a statement.

Zuraida expressed confidence that the country's palm oil industry will continue to thrive, which is in line with the ongoing efforts by MPIC.

She also called upon all Malaysians to come together in solidarity with MPIC in an effort to address anti-palm oil propaganda by Western countries "that is clearly aimed at bringing down the country's palm oil industry".

"We need to make sure the country's palm oil industry continues to be one of the largest contributors to the national economy," she said.

The minister noted that for the first time in the history of the national palm oil industry, the price of crude palm oil (CPO) hit an all-time-high of RM5,750 per tonne for two consecutive days on Feb 3 and Feb 4, 2022, bringing huge profits to about 400,000 smallholders nationwide.

"This increase is a testament to the commitment and dedication of MPIC, the Malaysian Palm Oil Board (MPOB) and the Malaysian Palm Oil Council (MPOC), together with the Malaysian Palm Oil Certification Council (MPOCC) to help the rakyat through various initiatives and government policies," she said.