The northern coast of Papua New Guinea is experiencing a boom in investment from international companies looking to process fish onshore.
Around 18% of the world’s total tuna stock is found in PNG’s 2.5 million square kilometre Exclusive Economic Zone (EEZ). The fishing industry has grown from a dependency on access fees in the early 1980s to a more diversified sector, with significant downstream processing today.
Annually, about three-quarters of a million tonnes of tuna is caught in PNG waters. Most of these are landed in other countries for further processing. The Pacific Tuna Forum estimates the raw value of PNG’s annual catch at about US$1.5 billion per annum and says this figure could more than double if more value-added activities were implemented. Indeed, PNG has a long-term goal of processing in-country 100% of the tuna catch from within its EEZ.
Read more at Business Advantage PNG.