fish treaty

Trade Winds

New Korean fish treaty

A SOUTH Korean operation, Deep sea Fishing Company, has renewed its annual fishing agreement with Kiri bati. The company will be entitled to operate. 110 vessels in the country’s exclusive economic zone in return for SUSI million. Deepsea catches about 6000 tonnes of fish annually in Kiribati waters, mainly yellowfin and big eye tuna for the sushimi market. It will be required to pay SUS 10,000 for a license for each additional vessel.

Tonga

Aid money for cattle TONGAN smallholders will be able to acquire more cattle through a SUS 2 million loan from the International Fund for Agricultural Bank, made through the Tonga Development Bank. Money will be available to farmers on ’Eua, Niuafo’ou and Niuatoputapu for cattle

importing and agricultural development.

Exchange rate changes TONGA’S Pa’anga, the local currency unit, will be valued against foreign currencies by a new method. The National Reserve Bank of Tonga has announced it will no longer be linked to the Australian dollar, but subject to a daily rate based on a basket of currencies from Tonga’s major trading partners.

Tonga will no longer be affected so strongly by Australian developments where the currency has long been considered over-valued due to high domestic interest rates.

Inflation up again STATISTICS for the 12 months to January reveal that Tonga’s inflation rate continues to climb, and now stands at an annualised rate of 16.3 per cent.

Again much of the rise comes from the transport sector which was hit by higher fuel costs after the invasion of Kuwait.

Papua New Guinea

Cocoa firm makes payment TOWARMARI Pty Ltd, a cocoa com pany in east New Britain, has made its first loan repayment to. the Papua New Guinea Agriculture Bank a move seen as heartening in an industry beset with troubles. The company, which has been developing its crop for five years, handed over K 32,000. It farms hybrid cocoa strains on a 130 ha plantation, and the company is owned by local villagers.

New coffee body mooted AGRICULTURE and Livestock Minis ter Tom Pais is to seek parliamentary

support for a new coffee industry corpor ation. Legislation has already been drafted. The new body would absorb tasks now undertaken by the Coffee Development Agency, Coffee Industry Board and the Coffee Research Institute.

Coconut factory proposed COPRA producer and MP for Bogia, Timothy Ward, is trying to gain support for the establishment of a new coconut factory in Papua New Guinea, and which would produce powdered and liquid coconut milk. Ward runs a 3000 hectare coconut plantation and said it was difficult to find a market for his crop.

He said a processing plant would restore some confidence to the depressed coconut sector. Consultants are working on a feasibility plan.

Wharf to be upgraded AITAPE wharf in the West Sepik province is to be upgraded at a cost of KBOO,OO ($US816,000). The wharf needed repairs to keep it safe, but also is expected to be more heavily used once the Mai-tadji Highway is completed.

Fiji

Cocoa production boost FIJI’S Department of Agriculture has announced it intends to promote cocoa development, with emphasis both on increasing production and lifting quality.

Its strategy is to include instructing growers on cocoa husbandry, enforce world cocoa grading standards, build better cocoa dryers, improve roads in growing areas to make it easier to transport the crop, and train advisors.

Fiji has 3371 ha under cocoa this year, compared with 3173 ha in 1989. Exports last year totalled 465 tonnes of beans.

Programmes similar to those being applied to cocoa, will also be applied to ginger. Last year Fiji exported 1800 tonnes of matured ginger worth about SF2 million (SUSI.3S million).

New help for ventures THE Fiji Development Bank has launched the equity window scheme, aimed at increasing Fijian participation in commerce and industry. The project will enable the bank to invest in new and existing business ventures on behalf of Fijians and will • have a SFS million (SUS3.3B million) government grant to back the scheme. Priority sectors have been named as manufacturing, forestry, agro-industry, tourism or enterprises

producing important consumer or capi

tal goods or services.

Pakistan bank opens THE Habib Bank of Pakistan has opened its office in Suva, a move which has been welcomed locally as providing another source of development finance. The

president of the new Fiji branch, Maq 800 l Ahmed Soomro, said the Habib Bank would provide loans to farmers, but would also be looking to offer competi tive rates for financing trade and other sectors. It was reported that 1200 people opened accounts on the branch’s first day of business.

Fishermen to be controlled FISHERMEN who use dynamite in Fijian waters may find themselves facing stiff fines once the Ministry of Primary Industry completes its review of the Fisheries Act. The fishing authorities have been concerned about the increas ing use of dynamite to kill fish because of the long-term damage that can be done to the environment. The government believes that existing penalties are failing to be a deterrent.

Tuvalu

Energy team visits A TEAM of energy experts has been in Tuvalu studying petroleum and elec tricity needs and the operations of the Tuvalu electricity authority corporation.

The team, part of the World Bank’s Pacific regional energy assessment pro gramme, also discussed the prospects for exploiting new and renewable energy sources as well as supplying power to the outer islands.

Solomon Islands

Fish company sale queried SOLOMON Islands’ auditor general has raised questions about the sale by the government of the National Fisheries Development company to the Canadian company, British Columbia Packers. The auditor-general’s annual report indi cated that advice on valuation of the company, especially its tuna resource, should have been sought from the Honiara-based Forum Fisheries Agency.

The report criticised the fact that there was no proper valuation made. □