The Government of Prime Minister James Marape will fully implement initiatives to foster job growth and an increase in revenue in the fisheries sector.
Caretaker Fisheries Minister Solan Mirisim said the sector has the potential to enhance national economic growth and deliver prosperity to the wider community.
“Fisheries sector has enormous potential for growth that remains untapped and must be harnessed, especially in the area of downstream processing,” he stated.
“We cannot rely only on revenue from access fees paid annually to fish in our waters but we must fully implement measures that will increase processing in our six factories onshore.
“The rebates scheme which was implemented last year was showing positive result and would continue. The Government expects revenue from the Vessel Day Scheme (access fee) to rise by an extra K180 million this year, bringing the total VDS revenue to around K600 million.
“About a third of that money is expected to be channeled back into the factories under the rebates scheme.
“This is to offset costs associated with processing, and is set at US$400 per tonnes as approved by Cabinet last year.”
Mirisim went on and said the National Fisheries Authority has advised the government that data received so far from the factories were encouraging.