Papua New Guinea's Commerce, Trade and Industry Minister has called for a comprehensive study into the fisheries sector to determine how much revenue the country has lost.
The Post Courier reports that industry experts estimate PNG loses up to US$808 million annually because it does not process fish caught in its waters.
Richard Maru says the biggest beneficiaries of PNG's fisheries are foreign fleets who take unprocessed catch from PNG waters to their fish factories overseas.
The Minister says the multi-million dollar Pacific Marine Industrial Zone project should minimise fisheries revenue losses.
Photo: REUTERS
The Zone will see up to 10 fish canneries, a port complex and other industrial developments on land around the Madang Lagoon.
After two years of uncertainty, the project is set to proceed after the China Export Import Bank decided to lift a freeze on finance for the project.
Mr Maru says construction must start as soon as possible.
He said meetings will be held with Zone stakeholders to ensure all issues they may have are ironed out.