Free at last

Can Ika Corporation make it as a limited liability company?

Yes, says Fiji’s Finance Minister Josevata Kamikamica, when he outlines government policy on corporatisation.

££ occasion represents I another advance in our drive to emancipate Fiji’s economy, thus releasing all the energy and initia tive previously curbed by Government controls. The interim administration policies are focussed very clearly on this objective, and the economic resurgence of the last two years tells us they are providing the right results for the coun try. More people are in employment than ever before, investment is coming in and other economic indicators are ex

tremely positive.

The rationale for our approach moves the emphasis away from regulation, pro tection and import substitution. Our new horizons encompass a strategy for

prosperity through export development,

private sector initiative and market forces. Within Government itself, we want to show the way by introducing the private enterprise system to selected areas of activity. Last month the nation read about the first major Government department to be corporatised with the birth of Fiji Posts and Telecommunica tions Ltd.

Today the Ika Corporation Ltd makes its debut. It, too, has moved out of Gov ernment and into the commercial arena.

Freed from the constraints of the ordi nance that created it, Ika emerges as a full-fledged commercial operation, reg istered under the Companies Act, with the Government as the shareholder.

It will be ex pected to stand alone, without the benefit of grants, and build on its reputation for

catching the

world’s finest tuna.

“Ika takes on its commercial role from a firm foundation. It has 15 years of ex

perience to draw on, accumulated pro fits of F$L5 million and assets of $7 million. Sales of F 52.4 million are pro jected in the company’s first year. It is very pleasing to note that Ika is accept

ing the challenge of corporatisation with

great enthusiasm. The company has adopted a new, market-oriented image and is already pursuing plans for in creasing its sales and profits.

Central to this is the huge potential for reaping greater returns for the coun try from the tuna that abound in Fiji waters. This natural resource is the basis for one of our developing industries, producing many benefits in terms of jobs, export earnings and improved liv ing standards. Through its association with the Pacific Fishing Company at Levuka, Ika is a substantial contributor to this national enterprise and now it is geared to reap a much greater harvest

from the ocean.

Surveys have shown that in Fiji waters alone, as much as 25,000 tonnes of sur faced-fished tuna worth more than Fs2o million at current prices are available to be caught each year. Only some 6000 tonnes are currently landed.

So for Ika, the opportunity in the home waters is there.

It is the company’s goal to ultimately

expand activities by following the skip

jack species when they head north to the Equator. Ika will also pursue other mem bers of the tuna family, especially the prized yellowfm.

The new Ika owns five pole-and-line vessels and, in addition, ships from other countries fish under charter to the com pany. As part of its expansion, the cor poration intends to seek partners for joint ventures, thus enhancing the scale and reach of its operations. In its fishing techniques, Ika will continue to exercise care for the marine environment by us ing the pole-and-line method which en sures a top-quality product and attracts premium prices. There are plans also to introduce the long-line and purse-seine systems.

Ika, and the Fiji Government, reject

absolutely the practice of drift-netting,

which has gained international notoriety as the so-called “wall of death”. Our heritage of the ocean is simply too pre cious to be put at risk through a method of fishing which destroys so much marine life. We owe it to the people and future generations to conserve the re sources of the sea. They are one * * of great natural assets. ' *

Free: Men of Ika Corporation catch prized tuna in Fiji waters. Now they fish without the contraints of government control.

Kamikamica