Create 'virtuous cycle' to ensure sustainable palm oil: Tharman

THE fast-rising growth in palm oil demand globally makes it crucial to address the environmental and social problems created in its production, said Deputy Prime Minister Tharman Shanmugaratnam today.

A virtuous cycle of demand and supply involving producers, intermediaries and consumers must be created to ensure sustainable palm oil.

He was speaking at the 10th Annual Roundtable Meeting On Sustainable Palm Oil at Resorts World Sentosa.

Mr Tharman cited trade publication Oil World, which forecast that world demand for palm oil will be 89.1 billion pounds (about 40.4 billion kgs) in 2020, almost double the amount produced in 2001.