HONG KONG , March 21, 2023 /PRNewswire/ — Earlier this month Agroforestry Group proudly welcomed the Malaysian Timber Industry Board (MTIB) to its Aquilaria plantations in Johor, Malaysia. The MTIB visit was part of the audit requirement for the MTIB license which is an essential prerequisite for the issuance of a CITES permit. The permit allows Agroforestry Group to export directly to international buyers. It is of vital importance as Aquilaria can only be legally traded with a permit from CITES.
Representatives from MTIB, a federal statutory body responsible for the development of the Malaysia timber industry, conducted an on-site physical inspection of all Agroforestry Groups Aquilaria plantations. This inspection reviewed the company’s operations to ensure traceability of any harvested timber.
Mr. Paul Martin, MD of Agroforestry Group stated, “We are very pleased to have welcomed MTIB to our plantations. It gave us the opportunity to showcase our beautiful Aquilaria trees and share our vision, plans and how we see the development of the agarwood industry. We are very proud of the outstanding quality of our plantations, and the level of care our staff places on its daily management.”
Mr. Martin added, “The difference between our plantations at Agroforestry Group and those of traditional growers is immediately apparent when you visit our plantations. We take a scientific approach coupled with professional care to create a wood product that we hope the MTIB found both inspiring and appealing.”
Regulation and licensing of Aquilaria plantations is essential as high demand for its precious agarwood resin has led to the near extinction of Aquilaria trees today. The United Nations has placed these trees on its list of critically endangered species. As a result, only agarwood with a permit from CITES is allowed for international trade.
The dark fragrant agarwood resin found within the Aquilaria tree has become one of the rarest and most valuable commercial commodities in the world. Agarwood, which occurs naturally in less than 2% of Aquilaria trees in the wild has been sold for as much as 50,000-100,000 USD/KG.
Agarwood is exceptionally valuable and is mainly used for the production of luxury perfumes, incense and medicine. In the last decade, demand has increased tremendously, and agarwood is now used in makeup, skin and hair care, diffusers, candles, and much more.
About The Malaysian Timber Industry Board
The Malaysian Timber Industry Board (MTIB), is a statutory body under the Ministry of Plantation Industries and Commodities (MPIC) which is responsible for leading and developing Malaysia’s timber industry.
About Agroforestry Group
Established in 2015, Agroforestry Group have applied their thirty years of private forestry management into the establishment and commercial development of durian and agarwood plantations, product distribution and sales. As an asset class, agriculture and forestry has expanded rapidly over the last decade due to interest from risk-averse private investors attracted by the green credentials of the industry and the long-term high returns of agroforestry.
SOURCE Agroforestry Group