MIDA to Boost Investments in Value-Added Palm Oil-Based Products

The Malaysian Investment Development Authority (MIDA) will continue to intensify promotional efforts at boosting investments into the production of higher value-added palm oil-based products, the Bernama news agency reported on March 20.  These include the production of food substances, food ingredients, food additives and nutraceutical products, MIDA said in the Malaysia Investment Performance Report 2018 released recently. The government agency noted that being the second-largest palm oil producer and exporter globally, Malaysia assumes an important role to sustainably fulfill the global need for edible oils and fats.
    In the report, MIDA said for 2018, a total of 12 projects with investments totaling RM384 million were approved in the oil palm products industry.  Five were new and seven expansion/diversification projects.  Domestic investments dominated the industry, totaling RM332.7 million, with foreign direct investments amounting to RM51.3 million.
    According to the Malaysian Palm Oil Board, Malaysia exported 24.8 million tons of oil palm products in 2018, contributing RM67.7 billion (USD16.2 billion) in revenue to the country´s overall economy. This was a slight drop compared to 2017, with exports valued at RM77.8 billion (USD18.7 billion), but a slight increase from 2017´s export volume of 24 million tons.  India emerged as the largest importer of Malaysian palm oil, followed by the European Union and China.