The agreement paves the way for a one stop wholesale fish depot where surrounding Islanders will be able to sell their fish as soon as they arrive with their catch.
The signing took place in Kavieng on Friday, July 31st.
CEO of Pamex Limited Arthur Jones said there is a demand for seafood from New Ireland in the high-end markets overseas, but that the problem is providing consistent supply.
He said, "We will provide an opportunity for local fishermen to supply us with fish, crabs or cray fish by way of setting up seafood pickup points across New Ireland, which will be fully fitted with solar freezers and ice to keep the seafood fresh. We will also work on establishing a collection ship, which will visit the remote areas of the province on a regular schedule. This will encourage local fishermen to produce more catch, and earn greater incomes for local people.
Mr Jones has been doing business in the country for 48 years, particularly with commodities like cocoa and coffee.
This is one major reason the New Ireland Government has partnered with Pamex Limited, to make market access available.
The Joint Venture Company called New Ireland Seafood, will pay rent for lease of the Fisheries property, which has been rotting for years without income, and will now generate new income stream for the Provincial Government and the people of New Ireland.
The property comprises the freezer plant, the wharf and the offices.
While the Joint Venture overall has been met with positive comments, Governor Sir Julius Chan cautioned that the road might not be a smooth one, with the current world situation which will no doubt present some challenges with supply and demand.
"We all know that prices are affected by world market trends, so we have to be mindful that anything can happen. COVID-19 has shaken all of us, but it has also provided some opportunities for those who are ready to seize the moment. We need to see where we can maximize our advantages. We have world-class marine products, but these are tough times and we will only know it if we try. Nothing comes from nothing,” Sir Julius said.