Agmark: Look at business-oriented approach

 By ELIZABETH VUVU

THE style of growing cocoa in the country should be more business-oriented in order for the industry to survive, NGIP Agmark Ltd said. 

Agmark is Papua New Guinea’s largest cocoa grower, trader and exporter based in Kokopo, East New Britain.

The company’s plantation activities sustained a loss of K1.5 million last year.

Agmark’s hardware division was impacted by the weakening in domestic economic conditions.

Agmark said in its annual report that this loss continued to be absorbed by the group as they searched for medium term improvements needed to make the business sustainable.

Under cocoa export and agricultural production division, more emphasis was placed on the culture of growing cocoa and its status in the global market.

PNG currently produces less than 1% of the world’s cocoa compared to 2.5 % produced in the mid-1970s.

The report indicated that the volume of cocoa produced last year was slightly behind 2012 levels and remained at 10 year low levels.

The overall movement was limited to just 0.3 % reduction year on year as volumes were offset by improved prices in the second half of 2013 mainly due to the falling kina.