$3.2m fund for seven local Tuna companies
14:08 Sat Oct 07, 2017
Taken from/By: FBC News
Report by: Shireen Shivan
Seven local Tuna companies received three point two million dollars from the government as part of the Tuna Support Fund this morning.
Attorney General, Aiyaz Sayed-Khaiyum, says the decision to disburse the funds to these companies was made following a rigorous process.
“To start off the fund what we did was we started imposing six cents per litre bunker fuel levy of which four cents per litre is transferred to Tuna support fund.”
Each company has received a different amount and Sayed-Khaiyum says the fund will help them compete with foreign companies.
He says private companies have been receiving large amount of funds from foreign government over the years and it became necessary to help the local Tuna companies.
“It is critically important for people to understand that our fishing companies face a lot of tough competitions and the fishing companies are getting very restrictive in a sense because fish stock are no longer as much as it used to be. There are a lot of foreign private companies that are given subsidies by foreign governments and our local companies have to compete with them.”
Several factors were taken into account before assisting these companies which includes having local shareholders, years of operation and contribution towards the economy and the job sector.
The beneficiaries are Felixstow Limited, Hangton Pacific Company Limited, Hou Fisheries Limited, Sea Quest Fiji Limited, Solander Pacific Limited, Solander Viti Limited and the Fiji Fish Marketing Group Limited.
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