Malaysian investors shows interest for palm oil industry


Positive vibes were generated in talks between stakeholders and Malaysian investors at a meeting to set up a palm oil industry here in Fiji.
The meeting took place at the Ministry of Industry and Trade office yesterday afternoon. 
Fiji’s Acting High Commissioner to Malaysia Mr Suliasi Lutubula brought investors for discussions on palm oil with the Ministry of Industry and Trade and Fiji Trade and Investments Bureau.  
Palm oil is something that has never been planted in Fiji on a large scale.
Ministry of Industry and Trade permanent secretary Saipora Mataikabara said the meeting was fruitful because investors had shown positive interest to help the people of Fiji generate income through palm plantation.

The core land area investors are looking at this to begin their business and achieve economies of scale is 30,000 hectares of land.
“I don’t see any problem with that given that we have land bank with the department of land,” Ms Mataikabara said.
“They are not only looking at bio-fuel, they are also looking at other downstream processes, to use the product from palm oil for other things.”
“This an opportunity for Fiji to generate income and of course with the incentives we have, we will attract more investments in Fiji.”

She added investors had already identified some land for this particular project.  
Mr Lutubula said this project would create employment opportunities for locals, especially in rural areas.
Plans are also underway to train local engineers in Malaysia.
One of Malaysia’s leading construction group IJM Corporation, chief executive officer, Velayuthan Tan said he was confident that things would work out.
The ministry is looking forward to facilitating the requirements of investors.