KUALA LUMPUR, March 5 (Xinhua) --Malaysia's palm oil sector continues to be strengthened by high demand from primary export partners, a Malaysian official said on Tuesday.
"This year, we anticipate strong demand for palm oil from our top export destinations such as India, China and the Europe Union," Plantation and Commodities Minister Johari Abdul Ghani said in his keynote address at the 35th Palm and Lauric Oils Price Outlook Conference and Exhibition.
The demand is further supported by the interest in replenishing stocks to ensure food security and the overall viability of business activities, he added.
Johari said in order to realize the positive estimates for the commodity in 2024, it is crucial to act swiftly and address key challenges in the industry including managing the negative perceptions against palm oil, the sizable opportunity loss arising from inefficient smallholders, climate change (El Nino) and labor issues.
He added that the industry and the over 447,000 independent and organized smallholders involved must focus on producing high-quality and high-yielding fresh fruit bunches and crude palm oil sustainably.
The event provides networking opportunities among its participants and a forum to deliberate on topics surrounding the supply and demand of major edible oils, the industry's most pressing issues, market trends and trade possibilities. ■
