Bali: Vice Foreign Minister Minister Mahendra Siregar stated that Indonesia is advocating a fair and comprehensive evaluation of the global vegetable oil trade from the environmental perspective.
"In principle, it must be fair and just. Do not see it from one side only, particularly if it is not done scientifically," the minister remarked after delivering his keynote address at the 15th Indonesian Palm Oil Conference (IPOC) 2019 and 2020 Price Outlook at the Nusa Dua Convention Center in Bali on Friday, November 1, 2019.
According to him, palm oil ensures the sustainable development of global vegetable oil. In addition, the high productivity of palm oil plantation facilitates job creation and offers added value owing to its large derivatives.
"In comparison with other vegetable oils and in view of the rising global demand, palm oil is the right answer to vegetable oil. Hence, the Indonesian government continues to encourage the use of palm oil," he noted.
With annual consumption of nearly 25 million tons, the future of the global palm oil market will be in Indonesia. In the next five to 10 years, Indonesia's palm oil production will be utilized to meet its own requirements.
"I think no other country but Indonesia has the potential to become the world's largest palm oil market. India will be ranked second, with consumption of 10 million tons per year," he pointed out.
"At this moment, merely 30 percent is used to meet the domestic needs. However, I believe it will reach 60 percent in the next five to 10 years," he stated.
In the future, the large market for palm oil will be South Asian countries, including India, Pakistan, and Bangladesh. Hence, the Indonesian government intends to establish partnership and cooperation with those countries, especially to increase its palm oil exports.
"Of course, the bilateral cooperation must be mutually beneficial," he pointed out. (Antara)