Papua New Guinea’s National Fisheries Authority (NFA) is eyeing the vast potential of the Chinese market to propel the country’s fisheries industry onto new heights.
In a recent statement, NFA Managing Director Justin Ilakani emphasized the importance of diversifying PNG’s fisheries exports beyond its traditional markets. While acknowledging the European Union’s significance in terms of value and quantity, Ilakani stressed that tapping into China could significantly boost the development of PNG’s non-tuna sector.
Despite the tuna industry’s prominence, the majority of participants in PNG’s fisheries sector are engaged in other activities such as coastal and inland fishing or aquaculture, reflecting the diverse opportunities awaiting exploration.
In recent years, PNG has witnessed a slowdown in investment in its tuna industry, largely due to external factors. However, there are signs of resurgence, with renewed interest from investors and the return of vessels. Ilakani attributed this positive trend to the government’s proactive measures in addressing policy and regulatory challenges.
Building investor confidence remains a gradual process, but PNG is making strides towards fostering a conducive environment for fisheries investment.
Currenly, PNG boasts nearly 200 fishing companies operating across various sectors, with thousands more involved in aquaculture as farmers. The fisheries sector currently generates approximately K5 billion and aims to quadruple its value to K20 billion, aligning with the government’s ambitious target of growing the country’s economic value to K200 billion.
The NFA’s strategic focus on the Chinese market underscores PNG’s commitment to diversifying its fisheries industry and contributing significantly to the country’s economic growth trajectory.
Related: https://insidepng.com/8th-pacific-tuna-forum-2023-commences-in-port-moresby/
