Nusa Dua: The Indonesian Palm Oil Association (GAPKI) stated that the palm oil industry is ready to function as an economic buffer against the possibility of global economic recession next year.

GAPKI’s Tax and Fiscal Division Head Bambang Aria Wisena said that the palm oil industry has the ability to be resilient and to save the Indonesian economy from the impact of global crisis.

“The palm oil industry has contributed foreign exchange at Rp500 trillion from exports every year. The industry also employs 16 million people,” he said on the sidelines of the Indonesia Palm Oil Conference (IPOC) 2022 in Nusa Dua, Bali, Thursday, 3 November 2022.

Expressing the same view during the occasion, the Indonesian Employers Association (Apindo) Chairman Haryadi B Sukamdani said that the national palm oil industry is a resilient industry that can save itself from the crisis as it is a primary industry that produces food and energy products, and other derivative products.

After weathering through two economic crisis, the palm oil industry can contribute foreign exchange up to US$35 billion and provide jobs for 17 million families.

But despite the fact, he stated that the palm oil industry needs more attention from the government, especially from the related ministries, which include agriculture ministry and trade ministry.

He cited the example of the recent export ban of crude palm oil (CPO) that had harmed the palm oil industry, but benefited the neighboring country which is also producer of palm oil.

Haryadi stated that GAPKI should be more vocal in expressing the real condition of palm oil industry to the government, so that the palm oil industry will be no longer marginalized in the future. (*)

Source: medcom.id