KOTA KINABALU: A policy initiative will be put in place to set Sabah up as a global leader in sustainable palm oil, says Chief Minister Datuk Seri Hajiji Noor.
KOTA KINABALU: A policy initiative will be put in place to set Sabah up as a global leader in sustainable palm oil, says Chief Minister Datuk Seri Hajiji Noor .
He said in his keynote address at the inaugural East Malaysia Palm and Lauric Oils Price Outlook Conference and Exhibition on Wednesday that this will also protect the resilience of the palm oil sector in Sabah.“Consistently over the years, various initiatives have been introduced and implemented by the state government to ensure the palm oil sector remains its key economic driver,” he said.
The Chief Minister said the price of CPO in Sabah has increased by 26.8% to reach RM5,372.50 per tonne for the period of January to August 2022 compared with RM4,505.50 per tonne in 2021. “For the period of January to August 2022, the export of palm oil and other palm-based products amounted to 3.04 million tonnes has increased by 58,343 tonnes compared with 2.98 million tonnes in the same period last year,” he said.
“With export contributions amounting to billions of ringgit, it is without a doubt that the palm oil industry plays a major role in boosting the state’s economic growth and reaping socio-economic benefits for the people,” he said. Hajiji said the state government had established the Palm Oil Industrial Clusters at Lahad Datu and POIC Sandakan as a development hub for the palm oil industry to spearhead the development of palm oil-based downstream activities.
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