A new front opens up for Papua New Guineas to fully realizethe tuna stock.
Majestic Seafood Corporation is a facility in Lae that engages in downstream processing oPNG'’s Tuna resource, from whichthe end product will be exported tothe lucrative markets in Europe. Once in full operation it will turn out 350 metric tonnes of canned tuna per day to be exported to European markets.
Prime Minister Peter O’Neill openedthe new facility recently. He hadthe first guided tour ofthe capacity ofthe facility and what it means tothe economy ofthe country. ThPM :as impressed.
This project will now take advantage ofthe preferential market access tothe European Union market undertheInterim Economic Partnership Agreement signed withthe European Union. The agreement allowsthe canned tuna and tuna loins to be exported to Europe duty and quota free.
Majestic seafood taps into a Resource PNG has in abundance. Withinthe country’s 200 meters economic zone, tuna which is a highly migratory fish, makes up 18% ofthe world stock.
It is an attractive resource that has ther companies on board as well. They arethe Nambawan Seafood’s Limited, DonwongIndustries, Halisheng Group and Cencon Packaging Limited.
Togtherthey employ thousands of people with Majestic seafood Corp alone anticipated to create jobs for over 20 thousand.