Johari Ghani: Outlook for palm oil market in 2024 remains optimistic

BANGI: The Malaysian palm oil industry is expected to be a key driver of the country's economic growth in 2024, contributing significantly to the global oils and fats market.

Plantations and Commodities Minister Datuk Seri Johari Abdul Ghani said the outlook for the palm oil market in 2024 remains optimistic, despite grappling with significant challenges.

"Despite grappling with significant challenges domestically and internationally, including a shortage of labor, unpredictable weather conditions, concerns about environmental issues, geopolitical upheavals, and shifts in trade policies, the outlook for the palm oil market remains optimistic for 2024.

"The positive outlook is also driven by the anticipated strong demand for palm oil from key destinations in 2023.

"These include India (2.8 million tonnes worth RM10.9 billion or 17.4 per cent), China (1.5 million tonnes worth RM5.7 billion or 9.1 per cent), and the European Union (1.1 million tonnes worth RM4.6 billion or 7.4 per cent)."

Johari said the Sawit Intelligent Management System (SIMS), developed by MPOB, can coordinate transaction data management throughout the supply chain and foster good governance to make informed decisions.

"When integrated with the Malaysian Sustainable Palm Oil (MSPO) Certification, it contributes to the sustainability of the industry, particularly benefiting small-scale growers," he said during the inauguration of the Malaysian Palm Oil Board (MPOB) Excellence Awards 2023.

MPOB chairman Datuk Mohamad Helmy Othman Basha said MPOB's appreciation for outstanding research and management services both nationally and internationally, benefiting the organisation and the palm oil industry.

"Throughout 2023, MPOB continued its excellence by achieving success in the Outstanding Researcher Award (MSAE) 2023 and the High-Performance Project Outcome Assessment Award for Change Catalyst at the National Development Awards in 2023.

"MPOB successfully secured one gold medal and two silver medals, along with the Malaysia Innovative Product Award Valuing IP's Exclusive Award for Best Invention at the International Invention, Innovation, and Technology Exhibition (ITEX 2023)," he said.

He also said that MPOB has won the Special Award and three gold medals in the Malaysia Technology Expo (MTE 2023).

MPOB's technology also received a bronze medal at the International Exhibition of Inventions in Geneva.

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