Papua New Guinea working to overhaul its fisheries sector with reforms, 10-year roadmap

Published 2024년 10월 10일

Tridge summary

The government of Papua New Guinea (PNG) is working to reform its fisheries sector as part of a larger strategy to become a high-income, manufacturing economy by 2045. This plan involves shifting from raw resource exporting to downstream processing of marine resources, especially tuna. The PNG Ministry of International Trade and Investment is partnering with RD Corporation and the Madang provincial government to develop a 650-hectare commercial hub for the tuna sector. The country is also seeking investment and market access from the European Union, Australia, and New Zealand.

Despite accounting for 18% of the world's tuna catch, PNG has not fully domesticated its fisheries industry and has missed out on potential revenue. The Madang Integrated Special Economic Zone will be developed in two phases, with the first as a 50-50 joint venture with RD Corporation, focused on developing PNG’s domestic fleet and fishing capacity.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The government of Papua New Guinea (PNG) is working to overhaul the country’s fisheries sector as part of a series of reforms designed to achieve national status as a high-income, manufacturing economy by 2045.PNG Prime Minister James Marape is pushing to “ensure the region and other Pacific island countries gain maximum benefit from their resources” through a transformation from being an exporter of raw resources into a manufacturer, according to PNG Business News. This vision involves a push toward downstream processing of the region’s marine resources, especially tuna, and efforts to have smaller Pacific Island countries send their tuna to PNG for processing.“To make this leap from exporting raw resources to building a manufacturing-based economy, we must secure critical enablers like affordable and reliable electricity, accessible internet, and vital infrastructure such as ports and jetties. We need to reorganize our towns and cities, revamp our education system to prepare our ...

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