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March 30, 2020
News

PNG Fisheries Sector Experiencing Significant Growth

The Papua New GuineaFisheries sector has experienced a significant growth to be valued at well over a billion kina.

 

Managing Director ofthe National Fisheries Authority Sylvester Pokajam attributedthe growth tothe increase in demand for tuna inthe global market.

To consolidate this, positionthe National Fisheries Authority has invested inthe fourth Pacific Tuna Forum to be held inthe Solomon Islands in September.

 

50 percent ofthe global catch of skipjack Tuna is fromthe Western Pacific Region, half of which is fromthe Papua New Guineawaters.

 

The potential market value is about K1 billion depending onthe commodity price.

 

This has boostedthe growth ofthe fisheries sector in Papua New Guineaand has created about ten thousand jobs in 2011, compared to four hundred and fifty in 1981 to 1995.

 

Bet what has madPNG greatly benefit from its Tuna is its ability to establish a regional approach in managing its Tuna.

 

 

The forum provided an ideal opportunity to showcasethPNG fisheries tothe rest ofthe world, particularly our tuna management policies, as well as opportunities that can attract potential new investors. An example isthe newly establish tuna processing plant by Majestic Tuna Corporation in Malahang, Lae.

 

K1.7million is required to host this year’s forum inthe Solomon Islands.

 

Papua New Guineathroughthe National Fisheries Authority has agreed to help organize this event with a funding of K500, 000. It received K230, 000 with a futher funding of K300, 000 be received next month from potential sponsors.

 

Given its regional international focusthe PTF 2013 anticipates high profile participants attending.

 

A wide range of topics will be discussed duringthe two day forum, with emphasis on sustainability and trade.

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