What can PNG offer when it comes to the fishing industry?
This may seem a rather challenging as how the country can be competitive in the industry.
However the country has seen significant changes while a positive outcome for tuna industry in PNG is hoped to boost the industry following an agreement for PNG tuna exports to enter European Union markets including Fiji earlier this year.
Known as the European Partnership Agreement it hopes to reduce poverty and create employment opportunities and allow for tuna in PNG to be exported to EU markets without any tariffs
The latest annual catch for the Pacific now stands at 67 percent of the world catch while Papua New Guinea is noted to be one of the richest fishing grounds in the world.
Despite being so rich in tuna stocks in Papua New Guinea there is an enormous challenge in terms of resource management.
Environment impact on these fishing resources poses a risk to the livelihood like that of the Nautilus/Solwara 1in the New Guinea Islands proposed to be the first ever seabed mining in the world.
With this -tunarich marine resource area mainly for tuna species, the seabed proposed-project has a possibility of threatening tuna species thus affecting supply of fish stocks.
Deemed to be the a potential world number tuna supplier, PNG’s contribution to the fishing industry should be considered seriously as this will have a great impact on the country’s economy.
Current statistics reveal that PNG harvests 4.3 million metric tones of tuna in the world, which means this is 10 percent of the total world catch.
Relatively PNG is home to some of the world’s exotic forests while it also has an abundant fish resources.
On top of these, there is constraints come along in the industry tied with law and order generally high cost of doing business.
Well suggested reforms could pave the way to further improving the fishing dustry like:
- Reforms to address business impediments
- More manpower and training capabilities
What more can PNG offer to make the industry look attractive for potential investors?