Fishery investment picks up

Business, Normal

The National, Tuesday June 16th, 2015

 THERE has been high interest in investment in Papua New Guinea’s fisheries sector in recent years, the Investment Promotion Authority says.

Managing director Ivan Pomaleu (pictured) said the government agency had identified the trend during recent assessments  carried out throughout the country.

According to IPA 2015-16 PNG exporters directory, PNG’s marine products exported increased by 29.9 per cent to K93 million last September compared to the corresponding period in the previous year. 

Pomaleu made special reference to provinces in the Mamose region.

“If you go to Lae and Madang, there is quite a big interest in the fishing sector. And fisheries authority has been doing a lot of work in attracting big canneries into the provinces, especially in Morobe,” he said.

According to the exporters’ directory, highest export earner for PNG fisheries sector was in tuna industry. Investors had seen potential and had invested in tuna canneries in coastal areas of Lae and Wewak. 

This is in addition to the existing canneries in Wewak and Madang. 

More than 90 per cent of catch was taken by foreign flagged vessels and landed in their ports.

The exporters’ directory stated that foreign vessels had strong incentives to process fish onshore, of which Pacific Marine Industrial Zone in Madang was centerpiece of the development.  

The directory stated that after several years of delays, the project would now move forward after National Government secured a $US95 million (K263.8m) deal with Chinese EXIM Bank two years ago. 

The government has allocated $US21.9 million (K60.8m) last year with additional expenditure through to 2018.