KUALA LUMPUR (Oct 13): The government will provide incentives for the Palm Oil Replanting Programme with an allocation of RM100 million to mitigate potential productivity issues in the production of fresh fruit bunches.
Prime Minister Datuk Seri Anwar Ibrahim said these incentives would be offered in the form of grants and loans to 7,000 private palm oil smallholders.
“By 2027, the area of mature oil palm, which is over 25 years old, is expected to reach over 560,000 hectares and this will affect the productivity of fresh fruit bunches with a loss of up to RM7 billion per year,” he said at the tabling of Budget 2024 in Dewan Rakyat today.
He said in an effort to sustain the nation’s palm oil industry, the government is allocating RM70 million to enhance the industry’s sustainability and intensify the campaign to address anti-palm oil sentiments on the international stage. – Bernama