SHANGHAI, Nov 14 — Malaysia plans to further solidify its involvement in China’s Belt and Road Initiative (BRI) and explore a wider economic partnership with the world’s second-largest economy in emerging growth areas such as sustainable development and green trade, Deputy Prime Minister Datuk Seri Fadillah Yusof said.
Fadillah, who is also the Plantation and Commodities Minister, said the country has been proactive in taking pivotal measures towards the administration and production of sustainable palm oil.
“As it stands, approximately 90 per cent of oil palm planted areas amounting to 5.26 million hectares, which encompass plantations and smallholdings, have been recognised under the Malaysian Sustainable Palm Oil (MSPO) certification.
“The certified regions boast an impressive potential annual production capacity of up to 18 million tonnes,” he said in his keynote speech at the High-Level Roundtable Meeting with Major Stakeholders of Palm Oil here today.
Fadillah called on palm oil stakeholders to embrace the expansive opportunities served by the thriving trade and economic connections between Malaysia and China.
“Under my stewardship, rest assured, that we will strive to maintain optimal conditions for conducting business and investing in Malaysia.
“Therefore, forge more alliances with Malaysian corporations, specifically in pivotal sectors, to promote profound interconnections akin to the diverse uses of our versatile palm oil.
“We believe that palm oil has a great deal of potential to become more prominent in the Chinese oils and fats (market) shortly,”
Fadillah is on his maiden official visit to China from November 12 to 19 to strengthen cooperation in research and development as well as capacity building in the field of commodities, especially in promoting the MSPO certification scheme at the global level.
In 2022, the exports of palm oil and related products from Malaysia to China reached US$3.72 billion or RM14.86 billion.
This substantial number constituted 11.4 per cent of Malaysia’s total worldwide exports of palm derivatives, which equate to RM130.25 billion.
— Bernama
