Why Malaysia referred Palm Oil as God's Gift?
In the time of the Coronavirus Pandemic when every business is going lower and the financial crisis is prevailing, it is very natural for the Malaysian business of Palm Oil to crash.
Another reason for it being discouraged due to continuously growing palm oil lobbyists in the European Union.
Malaysia is one of the highest Palm Oil producing nation.
According to a government official of the country, there has been a degradation in the reputation of the Palm oil around the entire world due to its effects on the environment.
So, to give a new wave to the sector, the government has stated the quote of “Palm Oil is God's Gift”.
They also told that the government is bound to use this quote on both National and International platforms.
Malaysia itself accounts for 28% of the total palm oil produced around the world with dominating almost 33% of the Global Palm Oil market.
In the year of 2011, the Palm Oil Industry was the fourth largest sharer to the Malaysian Economy, which was equivalent to 16.8 Billion USD of Malaysia's Gross Nation Income that year.
In the year 2019, the European Union decided to eliminate palm-based transport fuels from its sector of renewable energy.