SUNBIZ

‘Fiji Rice has $2million Backup’

Fiji Rice Limited has a strong financial backup of at least $2 million cash in the bank, says Raj Sharma. Mr Sharma, the Chairman for Fiji Rice and his team made a submission of their 2013 - 2017 Annual Report to the Standing Committee on Economic Affairs yesterday.
28 Jun 2022 14:50
‘Fiji Rice has $2million Backup’
Fiji Rice

Fiji Rice Limited has a strong financial backup of at least $2 million cash in the bank, says Raj Sharma.

Mr Sharma, the Chairman for Fiji Rice and his team made a submission of their 2013 – 2017 Annual Report to the Standing Committee on Economic Affairs yesterday.

He updated the committee that all reports and audits of Fiji Rice limited had been updated until 2021.

 

He also highlighted that Fiji Rice had sold two of its Nausori properties and the money had been invested in the upgrading of mills and other mill operations.

General Manager, Ashrit Pratap while stated that there was a huge potential for rice production in Fiji.

Mr Pratap said Fiji Rice holds 1 % of the market share only, so, the potential was there.

 

He said Fiji Rice at the moment’At the moment we are operating with two silos , however, looking at the production level this year, we would be expecting up to 1800 tonnes .. ‘ was only 17 per cent self-sufficient, however it was aiming at 60 to 70 per cent production within the next seven to eight years.

This could be achieved through a strategic plan formulated by the Ministry of Agriculture.

“We encourage farmers to plant more rice, we need more.”

 

Storage Capacity
Mr Prasad said at the moment they were operating with two silos, however, looking at the production level this year, he said, they would be expecting up to 1800 tonnes.

“So now we have started repairing our third silo and when production increases, we will also repair the fourth silo,” he said.

 

Feedback: selita.bolanavanua@fijisun.com.fj



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