2 February 2021
Chinese FDI to bolster Papua New Guinea’s Fishing Industry
In an interview with China Daily, Spire Research & Consulting CEO Leon Perera shares his insights on how Chinese investment to build a seafood processing plant in Papua New Guinea (PNG) could create the foundation for PNG’s seafood industry.
In November 2020, a memorandum of understanding (MOU) was signed by the Fujian Zhonghong Fishery Company, Papua New Guinea’s fisheries minister as well as its governor of the island nation’s western province. This paves the way for the construction of a multifunctional fishery industrial park on Papua New Guinea’s Daru Island in the Torres Strait.
This investment serves as an economic boost to the impoverished Papua New Guinea province, fuelling the potential for the country to become a major exporter of seafood given the bountiful fish, prawn and lobster stocks in its waters.
Spire CEO Leon Perera believes that while this seafood processing plant could create the foundation for Papua New Guinea’s seafood export industry, challenges remain for the country to create an effective “made-in-PNG” brand for the seafood industry. Factors that will influence its success include good hygiene, production best practices, sufficient quality control and access to a pool of skilled manpower.
To access the article on China Daily, click here.
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Manager, Group Corporate Communications
Spire Research and Consulting
Phone: (65) 6838 5355