PALMOILMAGAZINE, MINAHASA – Vice Minister of Trade, Jerry Sambuaga, underlined the government’s commitment to promote the trading of crude palm oil (CPO) through the Commodity Futures Trading Supervisory Agency (CFTSA) of the Ministry of Trade, considering it a key commodity in Indonesia with significant strategic importance for national trade and the economy.
These remarks were made during the Indonesian CPO Exchange Literacy Forum held at Yama Resort Tonsdano in the District of Minahasa, North Sulawesi. He emphasized that the forum serves as an educational platform and socialization effort aimed at ensuring the active participation of all stakeholders in transactions within the Indonesian CPO Exchange.
“Indonesian CPO Exchange Literacy Forum is series of education and socialization for every stakeholder to get transaction in Indonesian CPO Exchange,” Jerry said, as in the official statement to Palmoilmagazine.com, Wednesday (13/12/2023).
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Data from Central Bureau of Statistic (CBS) showed that CPO exports in October 2023 reached US$ 1,89 million, increased 2,59 percent compared to September 2023. Indonesian Palm Oil Association (IPOA) mentioned, CPO production in September 2023 reached 4,14 million tons, increased 7,5 percent to August 2023.
Jerry continued that it needs to reinforce CPO trade and Ministry of Trade has done many breakthroughs and transformation to improve CPO trade governance. One thing was that by establishing Indonesian CPO Exchange that Ministry of Trade inaugurated on 13 October 2023.
The establishment of Indonesian CPO Exchange was from the Regulation of CFTSA Number 7 / 2023 that regulates about CPO trade commerce in exchange to get CPO reference price transparently, fair, accountable, and real time.
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Jerry also mentioned that it would get competitive price and become the price market reference in the future.
Ministry of Trade through CFTSA assigned PT Bursa Komoditi dan Derivatif Indonesia (BKDI) as Indonesian CPO Exchange that would facilitate the trade. The collaboration between the government and Indonesian Chambers should reinforce literacy and education about Indonesian CPO Exchange in the society and stakeholders (planters) in many regions to get good transaction liquidation in the exchange.
By these, the government is optimist that Indonesian CPO Exchange would reinforce CPO trade in the future to realize the goal of Indonesia as the market influencer in the globe. Though it is ‘fresh’ still, the planters from many regions including in North Sulawesi would actively participate and contribute in Indonesian CPO Exchange transaction. (T2)
