The National Timber Industry Policy (Natip) has envisaged RM53 billion worth of timber and timber-based products exports by 2020, says Plantation Industries and Commodities Minister Bernard Dompok.

He said it was possible to realise the target with a 6.4 percent annual export growth and 60 percent exports derived from value-added products.

A recent study by the Malaysian Timber Industry Board (MITB), Forest Research Institute of Malaysia (FRIM) and Malaysian Timber Council (MTC) showed  RM24 billion worth of trade in timber was generated by the local market in 2009 through value-added processes, he said.

"This is a significant economic activity we should pay more attention to," he told the annual dialogue with the timber and furniture industry.

Dompok said timber-based products exports between January and November last year amounted to RM18.8 billion, 6.5 percent more than in 2009.

However, the amount was still far from Natip’s projected growth trend, he said.

He urged industry players to move up the value chain by using high technology techniques to produce high value-added products and reinventing into knowledge-based and skills-intensive industries, incorporating latest designs, and research and development.

- Bernama