Joint Ventures Rake in $3m: PM
A total of eight ventures were currently producing cane and the final existing joint ventures were making its final preparations to begin planting cane as well
The joint ventures between the Fiji Sugar Corporation and landowners would potentially generate more than $3 million in revenue at the current guaranteed price of $85 per tonne.
This was highlighted by the Prime Minister and Minister for iTaukei Affairs and Sugar Industry Voreqe Bainimarama in Parliament yesterday.
This was in response to a question from Opposition MP Inosi Kuridrani on the status and progress made in such joint ventures partnerships.
Mr Bainimarama said currently they were operating nine joint ventures, four in the Western Division and five in the Northern Division, covering around a total of 508 hectares of land to grow and supply cane.
A total of eight ventures were currently producing cane and the final existing joint ventures were making final preparations to begin planting cane as well. Mr Bainimarama said FSC was in the process of establishing additional eight joint ventures both in the Western and Northern Divisions.
“These new joint venture have the potential cane area of 165 hectares to produce 8,200 tonnes cane and this additions will bring the total area of cane to 673 hectares with the potential to produce nearly 40,000
tons of canes,” he said.
He added that this would put more profits in the pocket of the landowners “While some joint ventures have already recorded profits, many of our joint ventures remain in the early stages of their production timeline.
“Their revenues and yields are extremely positive putting all of our current joint ventures on track for full profitability in the long term.”
He added the success of the joint ventures wasn’t going unnoticed.
While some joint venture have already recorded profits, many of our joint ventures remain in the early stages of their production timeline. Their revenues and yields are extremely positive putting all of our current joint ventures on track for full profitability on the long term. Voreqe Bainimarama Prime Minister and Minister for iTaukei Affairs and Sugar Industry