Fiji’s Government is seeking to provide an additional $20 million (US$10 million) guarantee to the Pacific Fishing Company (PAFCO) to strengthen its operations, maintain production and protect jobs in Levuka.
Minister for Fisheries Aliti Bainivalu supported the motion in Parliament, saying the company was a major employer in Ovalau and an important contributor to Fiji’s fisheries industry and national exports.
“PAFCO is the largest employer in Levuka and an important economic lifeline for Ovalau and the wider Lomaiviti Province,” Bainivalu said.
She said supporting the company meant protecting hundreds of jobs, supporting local fishers and businesses, and strengthening Fiji’s fisheries sector.
Bainivalu said the Ministry of Fisheries was working to secure dedicated fishing licence allocations and offshore vessel opportunities to ensure a reliable supply of raw fish for PAFCO’s processing operations.
The Ministry was also engaging bilateral, regional and international partners to explore additional sources of raw fish, including fish in transit, to help maintain production and ensure the factory operated efficiently.
On export markets, Bainivalu said PAFCO had established a strategic partnership with a Spanish company to strengthen its access to premium markets in the European Union.
She said the partnership with an established Spanish canned tuna exporter would help maintain market continuity, meet international standards and strengthen Fiji’s position in the global fish supply chain.
“Combined with our efforts to secure raw fish supplies, this partnership can help increase export earnings and provide greater stability for PAFCO,” she said.
The motion seeks Parliament’s approval for an additional $20 million (US$10 million) Government guarantee on PAFCO borrowings, amending the previous parliamentary approval granted on 14 September 2015.
The proposed guarantee will cover a five-year period from 01 November 2026 to 30 November 2031, allow PAFCO to borrow from different financial institutions and exempt the company from paying a government guarantee fee.
Bainivalu said the guarantee would provide PAFCO with greater flexibility to access financing, strengthen its operations, maintain production and pursue business opportunities.
She said the Government’s support extended beyond the company itself to the workers, fishers, businesses and communities that depended on its operations.
“My support for this motion is about more than supporting a company. It is about protecting jobs, supporting our fishers, strengthening our export markets and ensuring that Fiji’s fisheries resources continue to create economic opportunities for our people,” Bainivalu said.
