Page 22 - FDMAsia MayJun2024

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Joshua Bayliss Solid growth forecast
The World Bank, in its East Asia and Pacific April 2024
Economic Update, maintained its forecast for Malaysia’s
economy to grow 4.3 percent this year as household spending

accelerates amid moderate inflation. This forecast is in line
with Malaysia's own projection of growth of between four
percent and five percent in 2024, versus a 3.7 percent
expansion in 2023.
Adapt businesses to the green economy, adopt advanced
technologies The timber industry in Sarawak is advised to
Permian Global had provided investment for the project that adjust their business models focusing on the green economy
involved State authorities along with scientific and community and high technology within the framework of the Fourth
partners such as the South East Asia Rainforest Research Industrial Revolution (IR 4.0).

Partnership (SEARRP) and the community organisation The Deputy Prime Minister, Awang Tengah Ali Hasan, said,
PACOS Trust. like all other industry players, the timber industry needs to
look at new ways for their businesses to be more competitive
Longest running tropical forest certification while being in line with the Post-Covid Development Strategy
The Deramakot Forest Reserve in Sabah has received its 2030 which focuses on the green economy.
fifth cycle of forest certification under the Forest Stewardship He said, for example, the bioenergy industry has great
Council (FSC) certification; the first cycle began in 1997. potential to be explored as there is a growing demand for

This re-certification extends to another five years, from wood pellets in Japan, South Korea and France.
March 2024 to March 2029 making Deramakot Forest Reserve At the same time, he suggested that State timber industry
the longest running FSC-certified tropical forest in the world. players adapt to IR 4.0 technologies as this emphasises the
Frederick Kugan, the Chief Conservator of Forests in Sabah use of automation and digital technology which enables the
praised the efforts and hard work shown by all officers involved industry to be more competitive both at home and overseas.
in maintaining the world standard of forest management in
Deramakot which is an outstanding achievement not only INDONESIA
for Sabah and Malaysia but also for all the tropical forests Mission to discuss EU Forest Map data
in the world. The government will embark on a mission to discuss the

As of March 2024, the SFM system, as practiced in the global forest map (GFM) on the European Union Forest
Deramakot area, has multiplied to 43 Sustainable Forest Observatory (GFM EUFO) platform which serves as a reference
Management License Agreements (SFMLAs) covering some for the European Union’s Deforestation-free Regulation (EUDR)
1.53 million hectares. implementation.
However, Sabah still faces challenges in obtaining FSC Scrutiny by Indonesia has revealed accuracy issues with
and MTCS-PEFC certification for forest plantations. These the GFM EUFO. Acting Director General of Sustainable Forest
can only be granted for forest plantations established before Management at the Ministry of Environment and Forestry,

2020 for FSC and before 2010 for MTCS-PEFC along with Agus Justianto, explained that Indonesia’s mission will be
some other restrictions. carried out through the Indonesian Embassy in Brussels.