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Palm Oil Products
Palm oil, the predominant global vegetable oil, constitutes over 35% of total production. Despite global challenges, crude palm oil (CPO) achieved remarkable performance, sustaining prices above RM5,000 per tonne throughout 2022 while hovered on an average of RM3800 per tonne in 2023. This not only signifies acceptance but also the success of the Government’s long-term initiatives and countering negative campaigns. High CPO prices incentivised Malaysian palm oil plantations to invest in R&D, focusing on precision agriculture, genomic technologies, breeding programmes, and mechanisation to enhance CPO yield per hectare.
In the midstream, improved milling processes reduce environmental impact. Palm oil’s versatility and nutritional value make it a valuable contributor to global food security. Amidst recovery in the tourism and hospitality sector, demand for refined palm oil products is expected to rise, along with concerns stemming from the Russia-Ukraine conflict leading to a shortage of alternative vegetable oils. Malaysia’s commitment to value-added palm oil products and incorporating palm-oil-based phytonutrients in food items opens new segments in global food security.
Among approved projects are cocoa butter production, nutrient-enriched cooking oils, and non-dairy creamers. The palm oil industry in Malaysia is embracing ESG principles, evident through the Malaysian Sustainable Palm Oil Certification (MSPO), covering over 90% of the country’s oil palm areas. Ongoing efforts aim to raise ESG awareness among consumers and encourage producers to enhance compliance.
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As one of the world’s second largest producer and exporter of palm oil, the Malaysian oil palm industry is the pride of the country. Over the past 50 years, the industry has grown by leaps and bounds to provide socioeconomic prosperity and political stability to the nation while feeding billions of people worldwide through exports of its palm oil and downstream products. Today, the industry has not only improved the living standards of small farmers, but also provided employment to close to three million people through various palm oil-linked economic activities. MIDA is dedicated to sustainable industry growth and engage in awareness programmes to manufacture high quality palm oil products.
Malaysia promotes sustainable practices aligned with the UN’s SDGs. This involves integrating a circular economy in the palm oil industry to optimise material use and minimise waste. Encouraging reduction, reuse, and recycling of underutilised materials addresses environmental challenges and raw material supply concerns.
Automation Capital Allowance (ACA) is a tax incentive introduced in Budget 2015 to encourage manufacturers to engage in innovative and productive activities, expedite the adoption of automation, especially for labour-intensive industries, and further spur automation initiatives.
