The function of the Mahogany Industry Decree is to supervise and direct the maintenance and development of the Mahogany Industry in Fiji.
According to Prime Minister Commodore Voreqe Bainimarama, there was a lack of willingness to adopt modern practices and management in getting the maximum return through value adding of one's own resources.
While highlighting that mahogany resources was grossly mismanaged in the past, Commodore Bainimarama said that Fiji Hardwood Corporation Limited had accumulated over 20 million of government guarantee debt over the years since it was established.
Commodore Bainimarama said that the decree sets the framework for the restructure of the industry including the formation of the Mahogany Industry Council and the redefining of the roles of the Fiji Hardwood Corporation Limited and the Fiji Mahogany Trust.
The second decree is the Mahogany Industry Licensing and Branding Decree.
He said that this decree implements a distinct and exclusive Fiji mahogany branding which will help achieve premium pricing.
He further added that the decree also prevent unscrupulous overseas buyers from exploiting the mahogany industry.
Fiji has the biggest plantation mahogany in the world and it was earlier valued at more than a billion dollars.
Story by: Watisoni Butabua
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Decree to develop mahogany industry - PM
