Fiji News From Around The World

Illustration of $6m for Pine Landowners

Fiji’s Pine Industry Hits Historic $6M Bonus Giveaway!

Spread the love

Pine landowners across Fiji have received a significant $6 million bonus as part of a historic boost to the nation’s pine industry. This payment is part of the Lease Security Bonus Payment (LSBP), which has been providing annual dividends to landowners since its establishment in 2013. Over the years, landowners have collectively received $42.5 million based on the industry’s performance.

Alitia Bainivalu, the Minister for Fisheries and Forestry, expressed her enthusiasm for distributing the LSBP and acknowledged the strong partnership with landowners who lease their lands to Fiji Pine Limited (FPL). During a cheque presentation at the Fiji Pine headquarters in Drasa Sawmill Complex, she emphasized the company’s commitment to local resource owners, highlighting that this year’s distribution included landowners from 22 different Yavusas (tribes) as well as the Fiji Pine Trust.

Notably, this will be the last time the bonus will be distributed in this manner, with a shift slated for 2025 to direct dividends being deposited into stakeholders’ accounts based on performance outcomes.

The minister underscored the revenue generated by the pine sector, primarily from log sales, which bolsters both the landowners and the local economy, ensuring a sustainable future for the industry and the communities it impacts. She elaborated on various financial benefits for landowners, including lease premiums, bi-annual rentals, stumpage payments, and contributions to the Landowner Community Development Fund, which supports community projects focused on landowner needs.

Ratu Rakuita Vakalalabure, Chairman of Fiji Pine Limited, pointed out that approximately 25,000 landowners stand to benefit from this sector, which also indirectly supports about 500 staff and over 15 contractor companies involved in services such as logging and transportation.

In a commendable initiative, landowners of Yavusa Nasolo have multifaceted plans for utilizing the funds they received, with a focus on enhancing educational facilities and supporting university students from their community. Mereoni Kulu, a representative from Yavusa Nasolo, expressed the intention to invest in higher education, which they believe will foster broader development in their villages.

Moreover, plans to establish poultry farms and small businesses, including village canteens and baking enterprises, showcase the proactive approach of the community. There’s also a strong emphasis on empowering women and single mothers, with initiatives to organize workshops to enhance their skills and support their entrepreneurial ambitions.

This substantial investment in education and community development underscores a hopeful outlook for Fiji’s rural areas, promoting sustainable growth and improved living standards for future generations.

The article reflects the positive relationship between the pine industry and local communities, highlighting a trend of collaboration and empowerment that can drive meaningful change across the region.


Comments

Leave a comment

Latest News

Search the website