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383061
Fri, 10/09/2015 - 09:22
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MPOB: Malaysia, Indonesia Have To Work Closer To Face Challenges In Palm Oil Industry

By Azlee Nor Mahmud KUALA LUMPUR, Oct 9 (Bernama) -- As the world's major producers and exporters of palm oil, both Indonesia and Malaysia have to work closer together in facing challenges encountered by the industry, said Malaysian Palm Oil Board (MPOB) Economics and Industry Development Division Director, Balu Nambiappan. Balu hailed the move to set up an intergovernmental organisation of palm oil producers, announced recently by Indonesian Maritime and Resources Coordinating Minister Rizal Ramli. The organisation, dubbed the Council of Palm Oil Producing Countries, will oversee matters regarding palm oil production and inventory as well as stabilise palm oil prices. "Collaboration of this nature is paramount in these challenging times and is a step in the right direction for both countries to work it out," he told Bernama on the sidelines of the MPOB International Palm Oil Congress and Exhibition here Thursday. Balu said initial ministerial discussions are already underway and reflect the concerted efforts taken by the industry as a whole. "Mind you, it's not an exclusive club, it's just that Malaysia and Indonesia are starting it off, and other producing countries will be invited to come on board," he said, adding it will be up to the invitees to join. On the upcoming 2016 Budget, he said it is only natural to request for more allocations for research and development to propel the palm oil industry forward. Balu also said various palm oil associations have already submitted their suggestions for the Budget, but the final decision will rest with the Finance Ministry. --BERNAMA

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