The Malaysian palm oil industry is significant contributor to Malaysia’s overall economy, providing both employment and income from exports. In 2011, the sector was the fourth largest contributor to Malaysia’s economy, accounting for RM 53 billion (USD 16.8 billion) of Malaysia’s Gross National Income (GNI).
The Malaysian palm oil industry directly employs more than 600,000 people, including both high-skilled and low-skilled labor. Research and innovation are adding new jobs to the Malaysian economy every year, while significant investment in the development of new downstream sectors and harnessing palm oil biomass. Under Malaysia’s 1Malaysia Biomass Alternative Strategy (1MBAS), the country will create more than 66,000 new jobs and increase the industry’s contribution to Malaysia’s GNI by RM 30 billion (USD 9.5 billion).
This reflects the extent to which every Malaysian benefits from the palm oil industry’s growth and profitability. Through employment and development, downstream industries and tax receipts, the Malaysian palm oil industry has benefitted everyone in Malaysia. Meanwhile, palm oil exports, which benefit Malaysia financially, provide a vital vegetable oil to the rich and poor alike throughout the world.