Press Release
Indonesian Palm Oil Association (IPOA)
GAPKI Holds
“19th Indonesian Palm Oil Conference and 2024 Price Outlook”
JAKARTA – After three years being ravaged by the Covid-19 pandemic, all business sectors in the world have been recovering during 2023. The relaxation of social activities has been driving global economic recovery, despite the fact that we are still facing recession in various parts of the world. Besides fundamental factor, the unrelenting escalation of geopolitical tension between Russia and Ukraine has affected the global supply of vegetable oils, creating unpredictability in competition and price fluctuations.
Indonesia as the world’s largest producer of palm oil plays an important role in global market of vegetable oils. Together with Malaysia, both countries control 85% market share at the global market of palm oil. In early 2022, the global price of palm oil reached the highest level in history as a result of the geopolitical tension between Russia and Ukraine and various response policies that have impacted the global market of vegetable oils.
Although the price of palm oil is getting normal in 2023, the inflow of sunflower oil from Russia and Ukraine, and the supply increase of other vegetable oils to the global market have caused a high stock of vegetable oils in India, which is one of the world’s major importing countries of palm oil. The Oil World reported that the stock in India has now reached all time high amid the recovery of palm oil production in Malaysia.
Apart from supply and demand, the palm oil industry is still dealing with negative campaigns which have led to various policies that stand as trade barriers at the global market, including the European Union (EU) Deforestation-free Regulation (EUDR). The EUDR implementation is feared to impact the palm oil industry, especially the smallholders. It is because the smallholders in Indonesia contribute 42% of the palm oil supply, while the smallholders in Malaysia contribute 27%.
The palm oil certifications such as Indonesia Sustainable Palm Oil (ISPO) and Malaysia Sustainable Palm Oil (MSPO) which have become the benchmark of sustainability in the two countries are not yet accepted by the EU. Taking special steps to integrate the oil palm smallholders into the supply chain is very important to minimize the impacts of EUDR to the farmers.
Facing such global market uncertainty, the Indonesian Palm Oil Association (GAPKI) will convene the 19th Indonesian Palm Oil Conference and 2024 Price Outlook (IPOC 2023) on 1-3 November 2023 in Bali International Convention Center, Westin Resort, Nusadua Bali, with the theme “Enhancing Resiliency Amid Market Uncertainty.”
The IPOC 2023 is scheduled to be opened by Economic Coordinating Minister Airlangga Hartanto, while other ministers, including state-owned enterprises (BUMN) minister and trade minister will give their special address regarding government’s policies and strategies in increasing the competitiveness of sustainable palm oil industry.
This conference will also offer analyses of global market of vegetable oils in relationship with current global regulations and their impacts to palm oil industry, Indonesia’s palm oil policies and market perspectives from palm oil importing countries. Besides, speakers will also discuss about global palm oil supply and demand, price projections and trends next year that will be presented by global experts of vegetable oils, including Thomas Mielke (Oil World), Nagaraj Meda (Transgraph) and Dorab Mistry (Godrej International Ltd).
IPOC is an international forum for all stakeholders to discuss about strategic issues of palm oil industry. Besides conference, there will be also an exhibition to show latest development of technology, products, and services in the palm oil industry. With high participant interest every year, this year’s conference will be held face to face to enhance participants’ enthusiasm. A total of 1,500 participants from various countries are expected to attend the conference this year.
Jakarta, 3 October 2023
Indonesian Palm Oil Association (IPOA)
For further information, please contact:
Mona Surya
Chairperson
IPOC Organizing Committee
IPOC Secretariat, GAPKI Sudirman Park Rukan Blok B No. 18
Jl. KH Mas Mansyur Kav 35 Jakarta Pusat Telp. 021-57943852, Fax. 021-57943853 / 72
www.gapkiconference.org
