Business News

Fisheries encourages onshore Investment

A consultation meeting onthe TunaIndustry in PNG began in Port Moresby on Monday withthe aim of addressing some ofthe industry concerns including onshore investment.

Papua New Guineahas a vast economic zone for the fishing industry.

 

PNG’s estimated value of raw tuna catch nets about US$ 875 million that’s K4 billion a year.

 

However, that opportunity to generate more revenue for the country has never been maximized.

 

Managing Director for National Fisheries Authority Sylvester Pokajam said all stakeholders must developthe fishing industry through better policy and management.

 

 

However, investors highlighted that lack of economies has made high cost of production. More than one-third of raw tuna materials caught in PNG are processed in ther countries.

 

PNG FishingIndustry Association spokesperson Pete Celso saidthe management ofthe tuna industry must be sustainable.

 

Celso advocated thaPNG has advantages to expand tuna market; however, needs to pinpoint its weakness and strenthen capabilities to be competent.

 

This consultation meeting will see discussions and recommendations of hoPNG players can come up with better solutions.

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