Budget 2018: RM26mil Allocation for Palm Oil Industry
It is past 9 pm and we are still in Parliament. I delivered my speech on the miserable budget of RM26 million for the entire palm oil industry. This is a RM80 billion industry and the govt is spending a miniscule equivalent of 0.03% of total palm oil exports. In contrast, the US govt spends 1% of total exports to improve, defend and promote their agricultural products.
The government cannot continue to spend RM26 million a year. It needs to spend at least RM500 million per year, if not RM800 million a year. The government needs to put in a lot more money into the industry to improve sustainability standards, met environmental codes, pursue socio economic big data research, improve workers rights, improve yields, improve technology and productivity.
If we want to protect our economy on the longer term, we need to transition to be fully sustainable. This miniscule spend by UMNO BN is basically shooting ourselves in the foot while ignoring the global market embracing tougher standards.
[Published on 15 November 2017]