SOE for fisheries sector

The National Business

ONE of the strategic decisions of the national government has been for the National Fisheries Authority (NFA) to establish a state-owned enterprise (SOE) for the sector to participate in the commercial fisheries space, says Fisheries and Marine Resources Minister Jelta Wong.
He said work on the necessary legislation to give effect to this was afoot.
“It is not the first country in the Pacific that have taken the bold step to operate an SOE in the tuna fishing and processing sector,” he said.
“In this regard, we are glad to have ongoing discussions with the Government of the Republic of Marshall Islands to explore areas of cooperation, especially through the Pacific Islands Tuna venture and their partnership with WalMart (US retail giant).
“Pacific Islands countries recognised the potential that the tuna fishery provides not only as a source of revenue through collection of resource rents but also the pivotal role the tuna fishery can play in formulating partnerships among countries within the region and with strategic private sector partners to explore the potential to retain and enhance the value of our shared tuna resources within the Pacific islands region,” Wong said.
He told the participants at the 18th INFOFISH Expo in Bangkok, Thailand, that PNG had found a path that was in line to achieving goals as a region. According to Wong, a connected and cooperative Pacific Region could determine economic benefits to every part of the region.
Wong said partnership and equality in the region was a must for future generations to continue.
“It is imperative for us to lead now,” he said.
Furthermore, Wong mentioned that in December 2023, the Pacific Islands Forum Leaders endorsed the East New Britain Initiative, as a regional platform for the Pacific nations to work together to find collective and inclusive investment pathways in the regional tuna value chain in the context of increasing climate change challenges.
He said PNG would continue to engaging with the global tuna industry through the East New Britain Initiative to Advancing Blue Transformation, Development and Innovation in the tuna industry.