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Zuraida: MIACES 2022 Counters Anti-Palm Oil Narratives

Zuraida: MIACES 2022 Counters Anti-Palm Oil Narratives

KUALA LUMPUR : Minister of Plantation Industries and Commodities Datuk Zuraida Kamaruddin deemed MIACES 2022 as a suitable platform to give a better perspective on Malaysia’s palm oil industry and to scrap the allegations of forced labour used in the plantation sector.

“I hope the industry players from all over the world can come together and support Malaysia’s palm oil industry as well as have a better perception of our plantation sector through this expo,” she said at the closing ceremony of the Malaysia International Agricommodity Expo and Summit (MIACES) 2022 on Thursday night (July 28).

Speaking to the press, she said Malaysia is ready to assist Indonesia in dealing with its high palm oil inventories.

She said a working committee had been set up to assist Indonesia — the world’s biggest palm oil producer — in reducing its stock.

“As members of the Council of Palm Oil Producing Countries (CPOPC), we have to help each other,” she said

She said a working committee had been set up to assist Indonesia — the world’s biggest palm oil producer — in reducing its stock.

“As members of the Council of Palm Oil Producing Countries (CPOPC), we have to help each other,” she said.

Prior to this, news reports revealed that Indonesia’s palm oil exports have not gone back to normal levels despite the lifting of its export ban on May 23.

Companies are required to show proof of their domestic sales before they can secure their export permits, a move which led to increasing stocks and, subsequently, falling prices. 

According to reports by Bernama, palm oil prices began to decline rapidly after Indonesia lifted the three-week ban, followed by the country’s waiving of the export levy for all palm oil products from July 15 to Aug 31.