Ivory Coast, Africa’s largest rubber producer is hoping to double production to two million tonnes in the next five years despite a hit by world prices on raw materials.
Sector Minister, Mamadou Sangafowa Coulibaly said this on Monday at an international conference on rubber in Abijdan.
He said while it expects to produce some 600,000 tonnes in 2020, the 2018 production estimates places the West African nation at about 800,000 tonnes of dry rubber.
He added at this rate, it will reach about two million tons in the next five years and consolidate its dominance in the sector across Africa.
Ivory Coast is the world’s seventh largest producer, but far from the leader, Malaysia, which produces nearly ninety percent of the world’s rubber trees.
For the past three years, global rubber production has increased nine to thirteen million tonnes in 2017, but demand has not followed. Also, world prices have dropped from $ 5,000 a ton to just $ 1,000, resulting in a slump in revenues for rubber growers.