PNG is losing billions in US Dollars from the fisheries industry’s revenue inflow because the country does not have a Domestication Policy.
This was highlighted by the Chairman of RD Group, Roy Rivera.
Mr. Rivera says without a Domestication Policy, 80 percent of fish caught in the PNG Exclusive Economic Zone (EEZ) is processed and sold in other countries in US Dollars.
Chairman Rivera revealed that over 60 per cent of RD’s business is done in US Dollars because it processes the fish in PNG and sell to Europe and the US market as premium canned tuna under their various brand names.
Representing the first fishing company in PNG, the chairman commended the Marape-Rosso Government for finally making the decision after 49 years to correct this and bring in a Domestication Policy where all fish caught in PNG is processed locally.
He said this will significantly increase PNG’s earnings in US Dollars and contribute to minimizing the US Dollar crisis that PNG is struggling with and also result in creation of 50,000 to 100, 000 new jobs.
Mr. Rivera stated that plans to develop the Pacific Marine Industrial Zone (PMIZ) would not work unless the Joint Venture fishing company by the State and RD have fish to process.
He said at the moment RD is struggling to meet the customer demands internationally, and even nationally.
With the current business split as 40 percent domestic and 60 percent international, RD expressed that with their own fishing fleets under this joint venture or JV, will be able to increase the supply of fish.
Under the proposed JV, RD is offering their 645 hectares of land in Vidar, Madang, to be jointly owned by the State and RD under the JV company.
Minister FOR Trade and Investment, Richard Maru said this fishing JV is a new step for the Government to chart into uncharted waters.
