Malaysia must be one step ahead of the price volatility in the palm oil market to protect the country’s source of income, as well as the wellbeing of smallholders, former Council of Eminent Persons chairperson Daim Zainuddin said today.
"We must work together with Indonesia, because Malaysia alone is a small nation. Together with Indonesia, home to 264 million people, we can fight the battle together," he toldNoting that the price of crude palm oil depends on market forces, he said:"This is normal even during my time. So it’s not something new, but now, with the ongoing threats coming from the EU and the US-China trade dispute, we need to be smart.
In March last year, US President Donald Trump imposed tariffs of up to 25 percent on Chinese imported goods, with Beijing retaliating with a 25 percent tariff on US$110 billion worth of US goods – including soybean, the US' largest agricultural export."But don’t react when it’s too late, because it might affect our market and the smallholders.
"I went to Sabah recently where I visited one entrepreneur’s farm. He has about 5,000 cows, fish ponds, as well as pineapple and durian plantations," he said.
Or you know, find a better way to reuse old palm oil estates instead of destroying more forests. Rememb the 60% promise?
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