Fisheries eyeing China as an ideal market: MD

THE National Fisheries Authority (NFA) is eyeing China as an ideal market for PNG to tap into and open up.
Managing director Justin Ilakini said trade with the Chinese market would favourably impact the development of PNG’s non-tuna sector.
Ilakini said while the European Union remained a focus market in terms of value and quantity, seeing a bigger return in the tuna industry.
However, 98 per cent of people participating were into other fisheries activities through coastal and inland fisheries or aquaculture.
Ilakini also noted some stalling in investment in the country’s tuna industry over the last eight years for reasons beyond their control.
He said there has been a slow but strong indication of interest for investment, especially with vessels returning.
He attributed this positive step to the government’s addressing of policy and regulatory constraints.
“Those are positive signs but when it comes to investment, it takes time to slowly build confidence,” he said.
“Currently, we have close to 200 fishing companies at various levels and various sectors; and bringing in aquaculture in terms of the farmers, it is in the thousands.”
Ilakini said the fisheries sector was currently valued at about K5 billion in terms of money generated.
“We are trying to build it to a K20 billion sector as our contribution to the government’s target of increasing PNG’s economic value to a K200 billion economy,” he said.