PNG fishing

for investors

THE PNG Government has ap proved a package of incentives in a bid to attract foreign investors into the country’s fishing industry.

The incentives package includes exemption of import and export duty on vessels, vessel parts, fuel and stores, boat construction material and canned or frozen fish products.

The government also has decided on a tax holiday of five years for pioneer industries and depreciation costs re bates on plant, equipment and vessels, and facilities for repatriation of capital and profits as part of the package.

The Government has closed off its waters to distant water fleets on access conditions. Preferential access will be given to domestic-based operators and foreign investors committed to shore based fisheries development projects. □