He says harvesting eggs and growing the crocodile industry locally “is a very important and valuable use of traditional country done by traditional owners.”
I have just read the article your sentence is from to put it in context. Australian First Peoples refer to their traditional lands as country and the use of of here is correct. It's a sign of respect. See Welcome to country.
The Macquarie Dictionary Online (an Australian dictionary) gives this definition of country:
Aboriginal English traditional land with its embedded cultural values relating to the Dreamtime: the importance of country
Having said that, I would have written that sentence differently as I don't think it's well expressed.