NEWS & ANNOUNCEMENTS

Undercurrentnews: PNG to review its rebate, vessel day schemes to offset rising energy costs

Updated: Nov 2



BANGKOK, Thailand -- Papua New Guinea's government aims to increase the productive capacity of its commercial fisheries, through a review of its rebates and the vessel day scheme (VDS), it was announced earlier this month.


The VDS is a scheme where vessel owners can purchase and trade days fishing at sea in areas subject to the Parties to the Nauru Agreement (PNA). The purpose of the scheme is to constrain and reduce catches of target tuna species and increase the rate of return from fishing activities via access fees paid by distant water fishing nations.


PNG’s minister for fisheries and marine resources, Jelta Wong, said the country aims to create a "conducive policy environment to encourage industry growth through structural reforms and institutional changes".


Over the coming months, PNG’s government will implement a series of new policy incentive packages to attract direct foreign investments to companies operating and processing tuna in the country.


To read more: please go to the undercurrentnews link here


source: undercurrentnews

link: https://www.undercurrentnews.com/2022/10/28/png-to-review-its-rebate-vessel-day-schemes-to-offset-rising-energy-costs/