Malaysia keen to tap lucrative agarwood market

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PUTRAJAYA: Malaysia is keen to tap the lucrative  agarwood market as it has the potential to contribute significantly to the country’s economy, said Natural Resources and Environment Minister, Datuk Seri Dr Wan Junaidi Tuanku Jaafar.

He said agarwood was a highly-valued wood and has been used in medicine and perfume.

“The international trade in agarwood involves hundreds of tonnes worth millions of US dollars annually,” he said at the 2nd International Scientific Symposium on Agarwood (ISSA 2016) here yesterday.

Wan Junaidi said the Forest Research Institute Malaysia, an agency under his ministry, has actively conducted research, development and commercialisation of  agarwood as well as the needs of the industry to determine the way forward for the industry.

“While the trade and businesses of agarwood create products that benefit users, it also creates jobs that support the livelihood of the people both in urban and rural areas,” he said. — Bernama