NDB sees potential in fishing industry

THERE is potential for investment in the country’s fishing industry, especially in the small to medium enterprises sector, according to the National Development Bank.
Managing director Moses Liu (pictured) said from working with its clients, the bank saw that the fishing industry was big.
“The SME space in the fishing industry is quite big and there is opportunity there for everyone. I can only talk from our experience,” Liu said.
The National Fisheries Authority gave K5 million to the NDB to loan out to people who want to create their small businesses in the fisheries sector.
“It is an exciting path of our banking service in the fisheries sector at this point in time because fisheries is a new industry that the bank has embarked on. For instance, the Maru Marine Ltd, which is operating out of Daru in Western,” he said.
“For the first time, thanks to the NFA funding, it is able to export lobster to Australia. Then the Australian agent there exports the lobsters to other overseas markets like America. The product is of high demand there because of its high quality.
“Recently, we’ve also had Narsai coming on board. Basically it’s in the prawn business.
“So from lobster to prawn, then recently we went into ASL which is involved in a filleting business. Really we are seeing that we are coming from the traditional fishing industry, empowering and funding the small fishermen down to the downstream processing now.
“I think there is a new trend in the industry. We have the big players in the tuna industry, but we also want to grow our local fishermen.”