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Sandalwood Oil Worth $600m Can Be Generated Over Next 10 Years

“The ministry is also strengthening its research into agar wood, which is similar to sandalwood, but of higher value, and can be harvested in 7-12 years,” he said.
28 Jul 2022 17:46
Sandalwood Oil  Worth $600m Can Be Generated Over Next  10 Years
A sandalwood or yasi tree.

The existing number of trees and expected volume of sandalwood oil could generate more than $600 million over the next 10 years, says the Ministry of Fisheries and Forestry.

The Permanent Secretary for Fisheries and Forestry, Pene Baileinabuli, said the Ministry of Forestry’s database had recorded 141,511 standing sandalwood trees, in a total area of 353.4225 hectares around the country.

He said sandalwood could normally be harvested within 15 to 20 years.

“The ministry is also strengthening its research into agar wood, which is similar to sandalwood, but of higher value, and can be harvested in 7-12 years,” he said.

The size of our native forests will gradually reduce over the years, however he said the Government’s 30 Million Trees in 15 Years initiative has resulted in more than 12 million trees being planted, since its inception in 2019.

“It is considered extremely prudent to diversify into other timber species and especially non-timber forest products, which have a high market value and which can be harvested within a short period,” he said.

The Ministry of Forestry was allocated $17.7 million in the 2022-2023 National Budget: $3.3m will be used for the large-scale planting of trees to continue Fiji’s 30 Million Trees in 15 years initiative.

 

Feedback: salote.qalubau@fijisun.com.fj



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