A new fishing company will be established in Madang Province at the Pacific Marine Industrial Zone area to process and sell the tuna products.
This is following a memorandum of understanding (MOU) signed yesterday between the RD Fishing Group (RDFG) of Philippines and the Papua New Guinea Government.
Under the MOU, RDFG and the State will engage in negotiations to establish a fishing company in Madang. The primary objective of this agreement is to determine the commercial terms for RDFG and the State to form a joint-venture (JV) company responsible for fishing and processing all catches in a new cannery located within the Pacific Marine Industrial Zone (PMIZ) in Madang, designated as a Special Economic Zone (SEZ).
A State Negotiating Team (SNT) has been appointed and granted a three-month period to finalize negotiations and present a mutually agreeable proposal to the National Executive Council. The successful outcome of these negotiations will pave the way for the establishment of the proposed new fishing company.
During the signing, Prime Minister James Marape expressed his enthusiasm, describing the MOU as a “historic milestone for the country.”
“This signifies a significant step towards the commercialization of the tuna industry in our country. It is a monumental stride in exploring the untapped tuna reserves in our region, fostering employment opportunities, and driving economic growth across all sectors,” PM Marape said.
Prime Minister acknowledged the dedication and vision of Richard Maru, Minister for International Trade and Investment, and Jelta Wong, Minister for Fisheries, and their teams, who have worked diligently behind the scenes to initiate and propel this endeavor forward.
“This represents our government’s unwavering commitment to formulating policies and advancing development agendas to maximize the benefits derived from both renewable and non-renewable resources since 2019,” Marape said.
He said for the first time in Papua New Guinea’s history, a major fishing operation will be conducted in its waters by a renowned company utilizing PNG-owned fishing vessels and employing local crew.
