FSC welcomes new sugar price
21 January, 2022, 3:14 pm
The price increase approval on sugar by the Fijian Competition and Consumer Commission (FCCC) will support the industry, says Fiji Sugar Corporation (FSC) chief executive officer Bhan Singh.
He said the commission welcomed the sugar price increase by 90 cents (VEP) per kilogram.
“This decision will not only help support the industry and make it more sustainable in the long-term, but make sugarcane farming more lucrative and likely facilitate long-term growth which is good news for farmers and our other stakeholders,” said Mr Singh.
“The sugar industry has had to endure some very challenging conditions, with the massive economic impact of the COVID-19 pandemic, as well as catastrophic tropical cyclones.”
He said there had been significant shifts in the global markets, making it necessary for Fiji’s sugar industry to be more competitive, which a better-quality product and increased financial sustainability would also assist with.
Mr Singh added the price increase would enable FSC to channel additional investment in its operations and become more competitive in the global market.