Many challenges lie ahead for Fiji as the abolition of EU sugar production quotas post 30 September, 2017 will have adverse implications on sugar prices.
EU sugar prices have already fallen under pressure compared to prevailing prices over a year ago.
Prime Minister Voreqe Bainimarama says Fiji has to prepare for a reduction in export revenues even before 2017- a sobering outlook for any developing nation.
He told the International Sugar Organization Council meeting underway in London that government will not sit back and watch the country flooded by events.
The industry has already fast tracked initiatives to diversify and expand its revenue streams.
Bainimarama says Fiji must move away from relying on one commodity-raw sugar as it’s no longer viable but exploit new revenue opportunities and open new markets.
The initiatives include the establishment of bagasse (bəˈɡæs ) based electricity cogeneration at Rarawai and Labasa Sugar mill, establishing a sugar refinery in Labasa-to meet demands for refined sugar between $18,000- to $25,000 metric tonnes and establishment of ethanol plant at Rarawai to serve the domestic market.
