Open Bay Timber Ltd signs 40-year restoration project deal
Zara Kanu, 9/7/08
East New Britain-based Open Bay Timber Ltd recently signed a new 40-year restoration project agreement with the PNG Forest Authority. The company has committed to increase the area from 12,000 hectares to a reforested 20,000 hectares with planting scheduled to be completed by the end of 2020 at a cost of K32 million. Established in 1971, Open Bay Timber is presently the only Japanese timber company operating in PNG. Company chairman Hiroshi Nakamura said the company started a large scale reforestation project in 1985 and would be one of the largest reforestation companies planting non-conifer trees in the South Pacific region when the new targets were reached. Mr Nakamura emphasised the importance of reforestation worldwide considering the rapid decrease in natural forest resources and the problem of world climate change.
See: http://www.thenational.com.pg/070908/biz2.php
Tags: Environment, Japan, PNG