KUALA LUMPUR, Jan 15 — The Ministry of Plantation and Commodities (KPK) and the Malaysian Rubber Board (LGM) will work with relevant ministries and agencies in creating a more...
KUALA LUMPUR, Jan 15 — The Ministry of Plantation and Commodities and the Malaysian Rubber Board will work with relevant ministries and agencies in creating a more strategic policy to safeguard the welfare of rubber tappers and smallholders.
It added that the drop in rubber prices is closely related to various factors including the sluggish global economic outlook, the increase in the supply of natural rubber, and the drop in the price of crude oil, which affects the demand for synthetic rubber compared to natural rubber in the manufacture of rubber products, concerns about United States-China trade relations and uncertainty from the Russia-Ukraine conflict.
“However, in an effort to help rubber tappers and small rubber farmers, the Ministry and LGM have held a series of discussions involving various ministries and related agencies to reduce the impact of the drop in rubber prices,” the statement said. “Since the implementation of the IPG from September 2015 until December 2022, it has been distributed to 202,533 smallholders nationwide with an expenditure of RM446 million,” the statement said.
The Ministry also implemented the Latex Production Incentive to give smallholders the opportunity to increase their income by encouraging them to increase latex production as well as encouraging smallholders to switch to producing latex instead of scrap rubber . The National Rubber Industry Transformation Project was implemented to ensure that local rubber planter cooperatives and operators can increase the income of small rubber farmers by shortening the supply chain.
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