Government and private sector joint venturing in natural resource development: The Queensland plantation forestry joint venture scheme

This paper examines the role of joint ventures between government and resource owners to develop natural resources, with particular reference for forestry plantations. Findings of a survey of landholders participating or expressing interest in the Queensland Plantation Joint Venture Scheme are presented. Joint venture arrangements are found to overcome investment constraints, particularly with respect to capital, technical knowledge and resource security. Complementarities between resource supplies of joint venture partners lead to increased output relative to wholly owned investments. Participants expressed a high degree of satisfaction with this program, although making some suggestions for changes in arrangements. Plantation joint ventures can contribute towards timber self-sufficiency and to ecologically sustainable land-use. Opportunities exist for joint ventures between government and private firms with respect to other natural-resource-based enterprises where market failure is apparent