Malaysian palm oil prices could fall by about a fifth to 2,500 ringgit per tonne by third quarter of 2017 as production in top two producing countries is expected to rise, analyst James Fry said on Friday (03/02). (Antara Photo/Wahdi Septiawan)

12th Indonesian Palm Oil Conference to Discuss Market Trends, Developments


NOVEMBER 20, 2016

Jakarta. The 12th Indonesian Palm Oil Conference, which is the biggest annual conference of its kind, is set to take place at the Westin Resort in Nusa Dua, Bali, this week.

The conference with the theme "Palm Oil Development: Harmonizing Market, Society and the State," is organized by the Indonesian Palm Oil Association (Gapki), and expected to be attended by more than a thousand delegates from more than 30 countries.

The three-day conference, which starts on Wednesday (23/11), will also highlight the 2017 Palm Oil Price Outlook. This will see prominent speakers unveil palm oil market trends, current developments in the sector as well as the price outlook for the next year. Indonesia is the world's biggest palm oil producer and exporter.

"There are about 6 million families that depend on the palm oil industry for their livelihoods. That means about 24 million people live off the sector," conference charwoman Mona Surya said in a statement received by the Jakarta Globe.

Mona said through a positive campaign that is continuously being promoted, the public can realize the strategic role of the palm oil industry in the nation's economy. The sector is also a major contributor to the state coffers.

"Contributions to foreign-exchange revenue through exports amount to about $18.5 billion [per year]. This sector is the biggest forex revenue contributor in the country," she said.

Gapki chairman Joko Surpiyono, Coordinating Economic Affairs Minister Darmin Nasution, Land and Spatial Planning Minister Sofyan Djalil and Trade Minister Enggartiasto Lukita are also expected to attend the conference.