Ruifeng Wealth Management and INDUK KUD Sign Agreement to Build Palm Oil Mills and Cooking Oil Refinery to Support Indonesia’s National Meal Program
- Written by The Bulletin
JAKARTA, INDONESIA - Media OutReach Newswire - 9 November 2024 - In a significant move to strengthen Indonesia's National Free Meals Program, a cornerstone of President-elect Prabowo Subianto's campaign, Ruifeng Wealth Management Pte Ltd has signed a Memorandum of Agreement (MoA) with INDUK KUD, Indonesia's largest agriculture cooperative organization, to establish up to five palm oil mills and cooking oil refineries.
President Prabowo is also the Chairman of INDUK KUD's Development Council, has allocated an annual budget of approximately US25.6 billion to combat childhood stunting and malnourished students across Indonesia. The collaborative effort between Ruifeng Wealth Management and INDUK KUD will ensure the production and supply of high-quality cooking oil for the country's national meal program.
The agreement was signed today during a ceremony that also involved CCPIT (China Chamber for Promotion of International Trade) and Farm Fresh Industries Brunei, which have pledged to support the program by donating and constructing up to 5,000 central kitchens and equipment to facilitate meal distribution. This joint initiative will swiftly benefit the national economy by boosting farmers' incomes and Indonesia's agricultural, economic, and technological advancements through a partnership between the private sector, government, and INDUK KUD.
Meeting the National Meal Program's Critical Demand
The National Meal Program is a key initiative by the Indonesian government to battle malnutrition and improve access to quality meals for children in underserved regions. The program aims to provide nutritious and balanced lunches for over 80 million students and pregnant mothers, particularly in rural and low-income areas.
"The National Meal Program is critical to the future of the country's youth, as it provides not just food, but the essential nutrition that helps students thrive in their education and overall well-being," said Mr. NG TSE MENG, Honorary Chairman of Ruifeng Wealth Management. "By partnering with INDUK KUD, we can directly address the massive demand of affordable cooking oil, which is a vital component of the meals provided under the program." Ruifeng Wealth Management, a multi-family office and fund management company based in Singapore, is a front runner in wealth management and sustainable investing, emphasizing ESG principles and responsible investment practices.
Empowering Local Communities through Sustainability
The new palm oil mills and refineries will not only ensure an adequate supply of cooking oil for the National Meal Program, but also promote sustainable and environmentally friendly practices. The facilities will be powered by solar and renewable energy technology, reducing the carbon footprint and contributing to Indonesia's ongoing push towards sustainable development.
Additionally, the project will uplift local communities by creating new job opportunities, enhancing agricultural infrastructure, and empowering smallholder farmers within the INDUK KUD cooperative network. "This partnership not only strengthens our national food security for the youth but also ensures that we are contributing to the sustainable development of local economies," said Mr Portasius Nggedi, President of INDUK KUD. "We are focused on improving the livelihoods of our children and communities while helping to fulfil Indonesia's growing demand for essential food products."
Long-Term Social Impact
The ultimate goal of the project is to foster long-term, positive social impact by improving nutrition and food security, especially for the nation's most vulnerable population: its children. The project is seen as a crucial step in expanding Indonesia's agricultural capabilities, fostering a resilient food supply chain, and ensuring that technological advancements in the sector are accessible to all Indonesians.
"We are incredibly proud to be part of this transformative effort," said Chairman of Ruifeng Wealth Management. "This initiative will not only help provide meals for millions of children, but will also contribute to the expansion of Indonesia's agriculture and technology sectors. It's a comprehensive solution that brings together sustainability, technology, and social good."
Looking Forward
The construction of the palm oil mills and refineries is targeted to begin in early 2025, with the first facilities expected to come online by 2026. Once operational, the new facilities will produce cooking oil that will fully and directly distributed to the National Meal Program, as well as meet growing market demand across Indonesia. As part of the partnership, solar-powered and renewable energy solutions will be integrated into the mills to ensure environmental sustainability.
The partnership of INDUK KUD with Ruifeng Wealth Management, CPIIT, and Farm Fresh Industries represents a landmark collaboration in Indonesia's agricultural, food, and energy sectors, and marks a pivotal step toward creating a more sustainable and food-secure future for the nation.
Hashtag: #IndukKUD
The issuer is solely responsible for the content of this announcement.
