World

Indonesia, Malaysia to establish palm oil council

Two giant palm oil producers – Indonesia and Malaysia– will set up the Council of Palm Oil Producing Countries (CPOPC) in a bid to stabilise prices and stimulate development of the sector.
Indonesia, Malaysia to establish palm oil council ảnh 1Illustration photo (Source:Bernama)

Two giant palm oil producers – Indonesia and Malaysia– will set up the Council of Palm Oil Producing Countries (CPOPC) in a bid to stabilise prices and stimulate development of the sector.

Indonesian Coordinating Minister for Maritime Affairs Rizal Ramli said the CPOPC, expected to debut late October, will coordinate production and manage stocks to keep palm oil prices stable.

He noted that Indonesia and Malaysia in combination are controlling 85 percent of the world palm oil market, so their cooperation will contribute greatly to maintaining prices, adding that other nations will be invited to join their efforts.

The council will also work to harmonise production specifications to enhance the product competitiveness, according to the minister.

Meanwhile, the Malaysian side said it expects the council will promote sustainable farming practices through a specialised research committee.

The two countries also shared the idea to encourage private investors to build a green economic zone for producing added value palm oil.-VNA

VNA
#Indonesia#Malaysia#palm oil council
Follow VietnamPlus

Related News

Illustrative image (Source: VNA)

Indonesia remains world’s top palm oil producer till 2020

Indonesia will maintain its status as the world’s number one palm oil producer by 2020 and beyond thanks to its wider planted area than its strongest rival Malaysia, according to global business consultancy Frost & Sullivan.
Palm products to boost Malaysia-RoK trade

Palm products to boost Malaysia-RoK trade

Malaysia’s palm oil and other related products are the main pillars of boosting trade with the Republic of Korea (RoK), said Malaysian Ambassador to the RoK Rohana Ramli.

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.