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PETALING JAYA: Rising crude palm oil prices after the Indian government reduced import tariffs for Malaysia would benefit small oil palm producers, says Datuk Seri Hishammuddin Hussein.
The Foreign Minister expressed his gratitude to his Indian counterpart, Dr. Subrahmanyam Jaishankar, for his recent decision to reduce the import tariff on crude palm oil from 37.5% to 27.5%.
“This decision is expected to increase the total export of palm oil to India, as well as increase the price of crude palm oil in our country.
“Wisma Putra will continue its best efforts benefiting more than 500,000 small oil palm producers, family members and the local community,” he said in a Facebook post on Saturday (November 28).
Hishamuddin said he learned that the price of fresh fruit bunches (FFB) and crude palm oil (CPO) were at a high level, which has been contributed by high demand from buyers, including China and India.
“This is in line with the results of my meeting with Chinese Foreign Minister His Excellency Wang Yi in early October, which led to China’s agreement to purchase 1.7 million tons of Malaysian palm oil. until 2023, “he said, adding that Wisma Putra will take advantage of better relations with India to increase palm oil export levels.
Hishamuddin said he has urged the European Union to stop discrimination against the country’s palm oil and to recognize Malaysia’s Sustainable Palm Oil Certificate (MSPO).
He assured that efforts will continue to help relevant ministries to strengthen the country’s palm oil industry.
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