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Chinese Company Signs MOU for Marine Industrial Park

Chinese company Fujian Zhonghong Fishery Ltd has signed a Memorandum of Understanding valued at US$150 million (K527.20mil) for the industrial park for marine resources in the Western region. The Company also wants to put up a marine industrial zone.

According to Fisheries and Marine Resources Minister Dr Lino Tom, the investor would work with the National Fisheries Authority to give technical assistance in what they planned to do. Meanwhile, the government is hoping to sign an agreement for the exports of marine products, invoking job creation and economic benefits.

“This project will allow about 90 companies to access the Chinese market in terms of selling marine products,” he said. “We also want to encourage foreign companies to invest and realise the potential we have in the marine sector. It is quite a massive foreign investment in the country. Not only will they fish but also create more jobs.”

Western Governor Toboi Awi Yoto and South Fly MP Sekie Agisa are hoping that the agreement will soon be signed.

“We have the products in the country but we do not have the market,” Yoto said.

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