ID :
114329
Wed, 03/31/2010 - 13:18
Auther :
Shortlink :
https://oananews.org//node/114329
The shortlink copeid
PALM OIL SECTOR TO BECOME LARGER CONTRIBUTOR TO GDP
KUALA LUMPUR, March 31 (Bernama) -- Unless the electrical and electronics (E&E) sector is dramatically upgraded, the palm oil sector will become a larger component to the gross domestic product (GDP) with 12.2 per cent by 2020 in nominal terms.
The National Economic Advisory Council (NEAC) in the New Economic Model
(NEM) for Malaysia Part 1 report released Tuesday said the palm oil sector
fulfilled the three goals of high income, inclusivity and sustainability under
the NEM.
While palm oil activity was on the rise, it said the share of E&E to the GDP
had declined from 12.2 per cent in 2000 to 9.4 per cent in 2008.
In real terms, the palm oil sector contributed 7.6 per cent to the GDP and
this translated into a yearly growth of 13.7 per cent from 2009 to 2020.
NEAC said palm oil exports could also grow by seven per cent per annum to
RM84.6 billion by 2020, if new palm oil-based products and services could be
successfully marketed.
The sector employs 590,000 direct workers compared to 316,956 in the E&E
sector, with a third of its production coming from smallholders, it said.
Productivity of the sector could be further improved with research and
development (R&D) efforts, with the two identified with the quickest win and
highest value-added potential, being genome research which unlocked the full
potential of palm oil production, and also the upgrading of smallholding
production, it added.
As for the manufacturing sector, the report highlighted the need to
recommend specific policies to accelerate the move of the E&E industry up the
value chain.
The NEAC has identified four key areas of intervention -- talent, the R&D
ecosystem, infrastructure, and institutions and incentives.
According to the council, the capacity and capability built up in the last
40 years in the fields of electronic manufacturing and related activities needed
to be nurtured and further developed aggressively.
Firms, including multinational companies and Malaysian domestic ones that
either are willing to employ or have introduced new business activities, should
be supported.
This action will accelerate the growth of an ecosystem which will not only
bring in new technologies and activities but help to develop a new breed of
technopreneurs.
Provided with the right incentives, the NEAC said this new ecosystem would
flourish through outsourcing opportunities and the use of new products to create
the next generation of applications and devices.
The presence of a nucleus of innovative firms in Malaysia represented an
opportunity which could be tapped in order to proliferate innovation and
creativity, it said.
-- BERNAMA
The National Economic Advisory Council (NEAC) in the New Economic Model
(NEM) for Malaysia Part 1 report released Tuesday said the palm oil sector
fulfilled the three goals of high income, inclusivity and sustainability under
the NEM.
While palm oil activity was on the rise, it said the share of E&E to the GDP
had declined from 12.2 per cent in 2000 to 9.4 per cent in 2008.
In real terms, the palm oil sector contributed 7.6 per cent to the GDP and
this translated into a yearly growth of 13.7 per cent from 2009 to 2020.
NEAC said palm oil exports could also grow by seven per cent per annum to
RM84.6 billion by 2020, if new palm oil-based products and services could be
successfully marketed.
The sector employs 590,000 direct workers compared to 316,956 in the E&E
sector, with a third of its production coming from smallholders, it said.
Productivity of the sector could be further improved with research and
development (R&D) efforts, with the two identified with the quickest win and
highest value-added potential, being genome research which unlocked the full
potential of palm oil production, and also the upgrading of smallholding
production, it added.
As for the manufacturing sector, the report highlighted the need to
recommend specific policies to accelerate the move of the E&E industry up the
value chain.
The NEAC has identified four key areas of intervention -- talent, the R&D
ecosystem, infrastructure, and institutions and incentives.
According to the council, the capacity and capability built up in the last
40 years in the fields of electronic manufacturing and related activities needed
to be nurtured and further developed aggressively.
Firms, including multinational companies and Malaysian domestic ones that
either are willing to employ or have introduced new business activities, should
be supported.
This action will accelerate the growth of an ecosystem which will not only
bring in new technologies and activities but help to develop a new breed of
technopreneurs.
Provided with the right incentives, the NEAC said this new ecosystem would
flourish through outsourcing opportunities and the use of new products to create
the next generation of applications and devices.
The presence of a nucleus of innovative firms in Malaysia represented an
opportunity which could be tapped in order to proliferate innovation and
creativity, it said.
-- BERNAMA
