K90m tuna facility opens

National, Normal

The National, Wednesday 12th June 2013


MAJESTIC Seafood Corporation Ltd’s K90 million tuna processing facility at Malahang in Lae has been officially opened by Prime Minister Peter O’Neill.

“It is a magnificent development,” O’Neill told a crowd at Malahang. 

“It is a clear expression of confidence in PNG’s growing economy and I thank the investment partners of Majestic Seafood Corporation Ltd.”

He said the national economy had averaged an 8% growth per year and this improved PNG’s ratings as an attractive investment destination. 

“Our ratings have improved significantly and we are generating a lot of interest overseas,” O’Neill said.  

He attributed the improving economic climate to the political stability enjoyed by the nation since his government assumed office in 2011.

“We must never allow this to slide or think to stop it,” he said.

He said political instability was the single biggest impediment to investment.

O’Neill also highlighted the need to develop infrastructure to support the growing investment sector and pledged to put more money into Lae’s urban road rehabilitation programme.

He also announced that work would start on an international terminal for the city’s major airport at Nadzab.

“It is our job as a government to encourage investment and we must do all we can to facilitate investment.” 

A ground breaking ceremony was also held for another multimillion kina tuna factory to be built on an adjacent block to Majestic Seafood. 

To be named Nambawan Seafood, the new facility will cost upward of K50 million and a joint venture between two Philippine companies and a Taiwan company.

That brings to K140 million the total capital investment in the tuna processing industry in Lae city alone, effectively making it the tuna processing capital of the country.