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Fund would finance small fishing startups

By Harlyne Joku PNG PORT MORESBY, Papua New Guinea (PNG Post-Courier, Sept. 12, 2011) – The Papua New Guinea (PNG) Government’s trade advisor Wayne Golding has proposed for a regional fund to be established for pacific islanders and resource stakeholders to enable them to own fishing boats and operate their own processing plants.

Mr. Golding who is also director and shareholder of Peace Haven Limited and Kurada No 88 Ltd said there is a need to create capital so ownership by the resource stakeholders can occur without destabilizing the regional and domestic investment climate.

Mr. Golding said the ownership of boats by resource stakeholders is less than five per cent.

His paper was titled "Thinking beyond our boundaries, Develop and Adapt for a Balance Economy across our Pacific Community.

Mr. Golding said a concerted effort by PNG Parties to the Nauru Agreement (PNA) States including PNG, Palau, Nauru, Kiribati, Marshall Islands etc to manage their resource for future generations by implementing measures which will feed into a regime to limit access and have a better control. He said a concerted effort by PNA states to develop a higher regime of added value production within our states, cross border investments and facilitating opportunities to have ownership of the activities across the total supply chain from fishing to retail markets.

Mr. Golding said opportunities include crewing and cross border mobility, vessel ownership, processing intermediary and finished products, manufacturing of can, cartons, labels and others feeding into processing activities and other service activities such as provisioning, equipment, consumables, fuelling, health.

President of the PNG Fishing Industries Association (FIA) Pete Celso said annual average catch of tuna worldwide is 4,300,000 metric tons while the average catch of tuna in PNG during the last five years is about 500,000 metric tons. He said PNG’s latest catch of tuna for 2010 is 749,000 metric tonnes about 17 per cent of the worlds catch.

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