Exporter: Cocoa can make K1bil in 5yrs if developed well

By DAPHNE WANI
A leading cocoa exporter says cocoa has the potential to bring in US$324 million (K1.1 billion) into the country if developed properly over the next five years.
Outspan PNG Ltd’s operations manager Basavaraj Mashetty said the industry still needed major interventions from Government to facilitate new planting material and low-interest long-term agriculture loans.
“With current trends, the industry can grow to 60,000 metric tonnes in the next five years,” he said.
“With major interventions and focus, the cocoa industry can grow to 100,000 metric tonnes in the next five years and has the potential to bring US$324mil in foreign exchange.”
Maprik MP John Simon urged the Government to refocus and invest money into the rural agricultural sector, especially cocoa which is fetching good prices on the world market.
He said this when outlining the plans of his district, already the trade centre of vanilla in the country, to venture into cocoa in a big way.
Simon said that he had plans to boost cocoa production, however, he needed financial assistance of K15 million from the Government to plant 11 million cocoa trees.
“In Maprik, I need two million seeds a year, and the PNG Cocoa Board cannot lend such a capacity because they only produce a million seed per year,” he said.
Simon said rural districts that had been engaged in agriculture activities had the capacity to generate much-needed income.