News & Events

Discussion On Current Economic Scenarios: The POIC Perspective

KOTA KINABALU:Oil palm will remain Sabah's vital plantation crop, revenue source and job provider in the foreseeable future despite major correction in crude palm oil prices in the commodity market.

POIC Sabah Sdn Bhd chief executive officer, Dr Pang Teck Wai, said oil palm position as a major component (about 30%) of Sabah's GDP is likely to remain unchanged for many years to come, given that other contributors such as petroleum and timber are depleting resources.

Speaking at the 'Forum Discussion on Sabah Economic Scenarios: The POIC Perspective' at the Sabah Trade Centre here on Sept 18, he said the Sabah Government needs to realign its development allocations to realise its objective of industrialisation and economic diversification.

So optimistic is he on the future of oil palm that he advocated the extensive utilisation of arable land, especially those along the raods, for cultivation of oil palm.

"Not only oil palm, these land should be considered for cultivation of rubber, for example," he said. "These lands are already accessible, which means that the government will not have to spend money on infrastructure, or open up new land through deforestation which attracts controversy."

About 80 people representing the oil palm industry, banks and government bodies attended the discussion.

Among major concerns raised were the sharp increase in fertilizer prices which is severely hurting the protitability of the oil palm industry. Participants opined that the oil palm industry is probably the 'most taxed' sector, being subject to a wide array of taxes and levies, including sales tax. windfall tax, etc.

For more reports on the forum discussion, please view the newspaper clippings below.


News Clippings

*Click to enlarge image (will open in new window / tab)

News Sabah Times

Daily Express

Daily Express

The Borneo Post

See Hua Daily News

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