Prime Minister James Marape has described the signing of a memorandum-of-understanding (MOU) between RD Fishing Group (RDFG) of the Philippines and Papua New Guinea Government as a historic milestone for the country.
The MOU was signed during a ceremony by RDFG, the National Fisheries Authority (NFA), Kumul Consolidated Holdings (KCH), and the Ministry of International Trade and Investment (MITI).
Witnessing the signing were Prime Minister Marape, Minister for International Trade and Investment Richard Maru, State Enterprises Minister William Duma, and Fisheries Minister Jelta Wong.
Under the MOU, RDFG and the State will engage in negotiations to establish a fishing company in Madang.
The objective of this agreement is to determine the commercial terms for RDFG and the State to form a joint-venture company responsible for fishing and processing all catches in a new cannery located within the Pacific Marine Industrial Zone in Madang, designated as a Special Economic Zone.
A State Negotiating Team (SNT) has been appointed and granted a three-month period to finalise negotiations and present a mutually agreeable proposal to the National Executive Council.
The successful outcome of these negotiations will pave the way for the establishment of the proposed new fishing company.
The SNT comprises distinguished members including; Chairman Isaac Lupari, Deputy Chairman State Solicitor Daniel Ropalgarea, KCH Managing Director Dr. David Kavanamur, Minister for Labour and Employment Kessy Sawang, Madang Governor Ramsey Pariwa, NFA Managing Director Justin Ilakini, and International Trade and Investment Secretary, Jacinta Warakai-Manua.
For the first time in Papua New Guinea's history, a major fishing operation will be conducted in its waters by a renowned company utilising PNG-owned fishing vessels and employing local crew.
Prime Minister Marape stated, "This signifies a significant step toward the commercialisation of the tuna industry in our country. It is a monumental stride in exploring the untapped tuna reserves in our region, fostering employment opportunities, and driving economic growth across all sectors."
He further acknowledged the dedication and vision of Minister Maru, Minister Wong and their teams, who have worked diligently behind the scenes to initiate and propel this endeavour forward.
"This represents our government's unwavering commitment to formulating policies and advancing development agendas to maximise the benefits derived from both renewable and non-renewable resources since 2019," added PM Marape.