HAJIJI EXPECTS FEPO TO CREATE MORE BUSINESS AND JOB OPPORTUNITIES IN SABAH

KOTA KINABALU, Oct 4 -- Sabah Chief Minister Datuk Seri Hajiji Noor believes that the East Malaysia Crude Palm Oil Futures (FEPO) contract by Bursa Malaysia Derivatives Bhd (BMD) will create more business and employment opportunities.

Hajiji, who is also Sabah Finance Minister, said the launch of the contract would create employment opportunities in every supply chain of the oil palm industry in the state, especially in the transportation sector, storage facilities, research quality, and downstream activities.

“On the global stage, FEPO, which will be traded by international participants, will serve as a marketing platform to promote Sabah palm oil-related products and to attract foreign direct investment.

“I am proud to know that BMD has designated Lahad Datu and Sandakan as delivery centres for FEPO," he said in a statement in conjunction with the launch of the FEPO today.

Besides Hajiji, the virtually held launch was officiated by Plantation Industries and Commodities (MPIC) Minister Datuk Zuraida Kamaruddin and Sarawak Chief Minister Datuk Patinggi Abang Johari Tun Openg.

Commenting further, Hajiji said the launch was in line with the development of Sabah’s palm oil industry in the future.

“The Sabah government recognises the palm oil industry as a key part of the state’s economy and wants to expand its contribution.

“Two palm oil industrial clusters (POIC), namely POIC Lahad Datu and POIC Sawit, have been developed to provide the infrastructure needed to sustain the long-term growth of the industry in Sabah.

“I forecast FEPO to play an important role in the development of the palm oil industry in Sabah in the future,” he said.

Hajiji said POIC Lahad Datu, which is a wholly state-owned company, covers 1,780 hectares (ha) for light, medium and heavy industries and is equipped with a comprehensive set of port facilities that can accommodate large cargo ships.

“POIC Sawit, which is operated by the state government's palm oil investment arm, Sawit Kinabalu Sdn Bhd, spans about 1,137-ha in Sandakan and has been developed to drive investment in the palm oil downstream industry.

“Both POICs are surrounded by oil palm plantations and are also close to the resources-rich Brunei-Indonesia-Malaysia-Philippines Eastern ASEAN Growth Area (BIMP-EAGA),” he said.

-- BERNAMA