KUALA LUMPUR: The Malaysian Palm Oil Board (MPOB) is confident the palm oil sector will surpass "by a substantial amount" its RM 63 billion contribution to gross national income (GNI) target in 2015.

However, the target of RM178 billion contribution to GNI by 2020 is a "tall order", said MPOB's chairman Datuk Wan Mohammad Khair-il Anuar Wan Ahmad.

"As long as the target is there, we will work towards it. It is a very high target.

"We have a long way to go. It is a tall order to achieve the RM178 billion GNI target. We are still at over RM60 billion. There is still extra land to be cultivated and production would be increased," he said.

He said cultivation of some 700,000 million hectares in land allocated for the palm oil sector as well as the focus on commercialising downstream products would help the industry reach it's GNI target.

On palm oil prices, Wan Mohammad said current global prices is still on the "healthy side" and any short-term price fluctuation "is nothing to be worried about" as long as palm oil prices remained between RM2200 to RM2300 per tonne.