Business

Indonesia imposes complete ban on palm oil exports

Published

2 years ago

28/04/2022

MNN

Authorities in Indonesia have suspended export of palm oil as the world’s largest supplier of the oilseed struggles to meet its own demand.

Indonesia begun imposing a complete ban on palm oil exports, as the world’s largest producer of the commodity risked destabilising a global vegetable oil market already hitting peak prices.

Authorities in Southeast Asia’s most populous country fear the scarcity and rising costs could provoke social tensions and have imposed the ban on Thursday in a move to secure supplies of the product, which is used in a range of goods such as chocolate spreads and cosmetics.

The archipelago nation is facing a domestic shortage of cooking oil as well as soaring prices, with consumers in several cities having to queue for hours in front of distribution centres to buy the essential commodity at subsidised rates.

In a last-minute reversal late on Wednesday, they clarified the embargo would include all exports of the oilseed and not only products intended for edible oils, as indicated a day earlier.

“All products,” including crude palm oil, “are covered by the Ministry of Trade regulation and will be enforced,” said Coordinating Minister for Economic Affairs Airlangga Hartarto.

President Joko Widodo said supplying the country’s 270 million residents was his government’s “highest priority”.

“As the world’s largest palm oil producer, it is ironic that we are having difficulties getting cooking oil,” he said.

Spillover effect

Indonesia produces about 60 percent of the world’s palm oil, with one-third consumed by its domestic market.

India, China, the European Union and Pakistan are among its major export customers.

The months-long shortage has been exacerbated by poor regulation and reluctance among producers to sell at home due to high international prices that have made exports more profitable.

Jakarta plans to resume exports when the price of bulk cooking oil in local markets has fallen to 97 cents (14,000 rupiah) per litre, having rocketed 70 percent in recent weeks to $1.80 (26,000 rupiah).

Vegetable oils are among a number of staple food items that have seen prices hit record highs in recent weeks, following Russia’s offensive in agricultural powerhouse Ukraine, according to the United Nations Food and Agriculture Organisation.

Source: TRT World

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

2 days ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

6 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

1 week ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews