Agreement signed for major fisheries enterprise in PNG


A tripartite joint venture agreement between the Papua New Guinea government, Nambawan Seafoods and Niugini Tuna was signed last week in PNG. The project is expected to boost the output of the fisheries sector spurring economic growth.<!--more-->

The proposed development of an integrated fisheries development project and associated infrastructure in Vidar, Madang Province, is part of the move by the government to encourage onshore tuna processing in the country especially at the Pacific Marine Industrial Zone.

The proposed project by Niugini Tuna Limited will primarily include tuna fishing, tuna loining and canning besides fishmeal processing. The loining plant and cannery will have a production capacity to produce an estimated 100 metric tonnes of raw tuna per day. The Food Processing Plant will have a capacity to process 200 metric tons of tuna fish daily. Some 1,500 people will be employed initially.

Opportunities for local fishing development are expected, as the project gets under way. This will generate spin-off business for fishing, repair services, airfreight, surface freight, financial services, and trading and retail outlets.

The cost for the Project is expected to be about US$27.9 million.