Sector lacks investments

PAPUA New Guinea Fishing Industry Association president and chairman Sylvester Pokajam says there has been lack of investment in the fisheries sector over the last six years.
Pokajam said this during an interview with The National on the progress of the fisheries sector in the country, which includes both fishing and processing.
“For the past six years since 2014, there has been no new investments because the country has not been able to attract any,” he said.
“The six processing facilities plants that we have in the country all happened prior to 2014.
“There are also three FTI’s (foreign direct investors) that have withdrawn their investments due to policy changes.
“This has made fishing investors reluctant to come to PNG.
“The Government needs to seriously look at addressing the National Fisheries Authority (NFA) because there is a lack of funding.
“Since 2018, when this new law called the Public Money Act came into force, all the revenue that are derived from NFA go straight to the Department of Treasury.
“That’s now resulted in NFA not progressing because there is a lack of funding. NFA is now facing a big problem and if the NFA and the Government are not careful this year, NFA will close down its operations.
“When that happens, PNG will become an illegal fishing state and all the fish that is caught on PNG-flagged vessels will not be accepted by the international market.
“It is very important that the Government recognises that and NFA must advice the Government.”