THE Republic of Palau President Surangel Whipps Jr has urged that all tuna caught in the Pacific be processed within the region to maximise economic benefits.
Speaking at the Honiara Summit last week, President Whipps Jr praised the East New Britain initiative (ENBi) for leading efforts in local tuna processing.
“I want to thank PNG for leading with the East New Britain initiative (ENBi). Our livelihoods depend on a healthy ocean,” he said. ENBi is a platform for Pacific Islands to identify strategic entry points, form alliances and actively participate in commercial tuna ventures and supporting industries. It was initiated by Papua New Guinea (PNG) and was adopted by the Pacific Islands Forum Fisheries Ministers at their meeting in Kokopo, East New Britian Province, PNG, in September 2023.
President Whipps Jr emphasised that the Blue Pacific region is home to the world’s largest tuna fishery, a critical resource for both food security and economic growth.
Whilst licensing revenue from tuna fishing has grown significantly from $60 million to $500 million annually, President Whipps J pointed out that the region retains only a small portion of the total retail value.
“Our region supports the largest tuna fishery, serving as a vital source of food and economic revenue. We’ve heard that licensing revenue increased from $60 million to $500 million, but out of the $2.7 billion generated from tuna caught in our waters, our share is only $0.36 per kilo.
“This might seem like a large sum, but when broken down, a can of tuna sold on Amazon includes only $0.06 from our fisheries, which is just 3 per-cent of its retail value. Unfortunately, in Palau, we spend more on protecting our resources than we receive in revenue,” he explained.
President Whipps Jr then underscored the need to reassess the economic model of tuna fishing in the Pacific.
“We must continue to harvest tuna, but we also need to ensure we capture more value from what is caught within our waters. Right now, we are barely collecting enough to allow the world to benefit from our tuna, and this economics doesn’t quite make sense.”
By LACHLAN SHYVES EDDIE
Solomon Star, Honiara
