Palm oil producer Astra Agro Lestari booked a net profit of a whopping Rp 833.1 billion (around $57 million) in the pandemic-struck 2020, the company announced in a recent virtual public expose. According to Astra Agro director Mario Casimirus Surung Gultom, the company’s net profit soared 294.6 percent from Rp 211.1 billion in 2019. “Our…
Indonesia is one small step away from having its first trade agreement with European countries including Iceland and Norway after The House of Representatives recently approved the draft for the Comprehensive Economic Partnership Agreement (IE-CEPA). The Bill over the deal is between Indonesia and the four countries that make up the European Free Trade Association…
Indonesia and Romania have agreed to increase cooperation in the fields of economy, trade, investment, counter-terrorism, COVID-19 handling, and mutual support at international forums during high-level talks held virtually on Thursday. Deputy Foreign Minister Mahendra Siregar and director general of American and European affairs at the Foreign Ministry, Ngurah Swajaya, co-chaired the Indonesian delegation at…
Indonesia once again spoke up against the singling out of palm oil, with the second round discussion on the vegetable oil —between European Union, or EU, and Asean— coming up this April. The issue of sustainable palm oil has been a hot topic between Asean and the EU. Both blocs agreed to establish a joint working group…
Indonesia’s palm oil production is controversial due to its contribution to climate change and loss of biodiversity as a result of large-scale deforestation. Researchers at Wageningen University & Research joined forces with partners in the USA and Indonesia to show that Indonesia can meet the future demand for palm oil in a climate-friendly way without…
The palm oil imports into the country increased by 34.03 percent during the first eight months of the current fiscal year against the imports of the same period of last year. The palm oil imports during July-February (2020-21) were recorded at $1585.381 million against the imports of $1182.899 million during July-February (2019-20), showing increase of…
Indonesia is in the process of ratifying the EFTA-Indonesia Economic Comprehensive Partnership Agreement (IE-CEPA) with Switzerland, marking a positive sign to the archipelagic country’s palm oil sector — dubbed as the culprit of deforestation. The referendum in Switzerland held in early March showed that 51.7 per cent of the votes supported the free trade agreement…
When it comes to making the palm oil industry more sustainable, the plantations themselves can’t do it alone. Agus Purnomo, managing director for sustainability and strategic stakeholder engagement at Singapore-headquartered palm oil company Golden Agri-Resources, said the collaboration of governments and consumers is vital, especially as the industry faces additional challenges amid the COVID-19 pandemic.…
Switzerland approved free trade agreement with Indonesia. With the condition, however, that Indonesia produces palm oil in a sustainable and environmentally friendly way. THE result of Switzerland’s referendum on March 7 showed approval of Swiss people towards economic cooperation between their country and Indonesia, particularly in palm oil trade. The voters gave the green light…
On Sunday, we celebrated International Forest Day. Since the last International Forest Day, the world has been focused on COVID-19 and the economic recovery. But for countries like Indonesia, home to the largest forest areas in Asia, the pandemic, the economy and the country’s forests seem inseparable. Forests cannot be detached from the livelihoods of…
Exports of palm oil from the world’s top producer Indonesia rose nearly 20% on annual basis in January, the country’s biggest palm group said, but output was disrupted by flood and stock fell to a six-month low. Indonesia exported 2.86 million tonnes of palm oil and its products in January, up 19.6% from the same…
COVID-19 has demonstrated the vulnerability of global supply chains and revealed the ever-increasing ecological dangers of industrial expansion, which has amplified the risks of diseases migrating from animals to humans. This is demonstrated in a new report launched by UN Secretary-General Antonio Guterres which argues that to prevent future pandemics the world must cooperate to addresses interlinked…
According to a written statement received here on Thursday, Minister Siti Nurbaya highlighted numerous efforts made by Indonesia and could set an example for the Netherlands and the global community in addressing climate change. “Indonesia has concrete examples of efforts to achieve economic resilience, social and livelihood resilience, as well as ecosystem and landscape resilience,” the minister…
The export value of palm oil and palm oil-based products is targeted to increase to RM75bil this year from RM73.3bil in 2020 due to high demand, as economies around the world gradually recover. Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said the implementation of the country’s economic recovery initiatives, including the…
The government has inked a partnership agreement with stakeholders in the palm oil industry to achieve the target to rejuvenate small-scale palm oil plantations in 2021. Deputy for Food and Agribusiness Coordination at the Economic Affairs Coordinating Ministry Musdhalifah Machmud remarked that the rejuvenation of palm oil trees is targeted to boost the productivity of…
Indonesia’s state energy company PT Pertamina said on Saturday it plans to start production at its Cilacap green refinery by the end of this year to make oil products such as diesel and jet fuel, entirely out of palm oil. Indonesia, the world’s largest palm oil producer, has a mandatory biodiesel programme with 30% palm…
Indonesia, home to the world’s third-largest tropical rainforests, has been successful in significantly reducing the number of forest fire cases over the last several years, and steps must be taken to maintain this achievement. Forest fire incidents in 2020 declined by some 82 percent from that during the previous year, Coordinating Minister for Political, Legal…
Switzerland votes Sunday on a free trade deal with Indonesia but the agreement, which opens up a vast potential market, could slip up over the issue of palm oil imports. Under the deal, tariffs would be gradually removed from almost all of Switzerland’s biggest exports to the world’s fourth most populous country, while the Swiss…
The additional cess of RM2 per tonne imposed on crude palm oil and crude palm kernel oil came into force on March 1, and will be used to support the establishment of a new consortium platform to boost mechanisation and automation in the industry, the government said today. Following the increase, the cess levied on each tonne…
The Swiss will cast their votes on March 7th on three different issues. One of them involves free trade agreement with Indonesia.What interest does Switzerland have in an Asian country more than 11,000 km away? Indonesia is the world’s largest producer of palm oil, a raw material that is much in demand in Switzerland, as…
