Yuh Yow fishing deal to ease Budget woes in the short term, benefit the economy in the long term

On Thursday afternoon, Teina Bishop, an elated Minister for Marine Resources (MMR), happily posed for photos with Mr Chao-Ting Chen, Vice President of Yuh Yow Fishery Co Ltd, one of the world’s largest fishing companies which is based in Taiwan.
Within the context of our relatively short deep sea fishing history, the Minister had pulled off an historic moment, the signing of an “access agreement” with Yuh Yow which has the potential to create long term benefits for our fledging fishing industry, our people and economy especially in the north.
The deal is a satisfactory outcome for MMR officials, Ben Ponia and his hard working team.
More immediately, the deal and the recent renewal of 8 of Yuh Yow’s 15 fishing vessels operating in the north, will ease some of government’s present Budgetary concerns with some $800,000 already in the bag.
More is expected when Yuh Yow complete licensing procedures with additional funds to comply with the new fees regime.
Mr Chao-Ting Chen is the young, entrepreneurial ambassador for a firm headed by his father who is President of the company. He told the Times in an exclusive interview that this was his sixth trip to the Cook Islands. His company first came here to fish in our southern waters for one year, in 2003. Fishing in the south he said was very hard.
In 2009, the company returned and began fishing in the northern waters with 15 vessels. Their Albacore Tuna catch being sent to the canneries in Pago.
He said the company in association with MMR will consider transferring some operations to the Cook Islands perhaps in processing. There would be mutual benefits as the company hopes to engage local labour. The company would consider how it could engage the northern group in its operations.
For the Cook Islands the long term outlook is promising. No wonder the Minister is happy. The access agreement will allow the company access to our EEZ for vessels which may be operating outside of the EEZ. This will facilitate vessels for example, offloading catches in the Cook Islands for processing. It will enable vessels to use the Cook Islands flag after procedural requirements are met and downstream it opens up the possibility of partnerships with the potential of creating employment for locals. It also allows the company to consider establishing operations in the Cook Islands.
On this trip, Mr Chao-Ting Chen is accompanied by Michael Lu, Project Manager and Executive Assistant of the Chairman.
Minister Bishop wants to see more resources targeted to developing and assisting the local industry.

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