Thursday, 24 May 2007 10:56 AM

Economic base needs to be broadened: Lilo

The Acting Prime Minister Gordon Darcy Lilo highlighted some of the progress made to government's economic reform during the opening of the PINA convention today morning.

"The government has embarked on major economic reforms that would ensure a resilient economy in the long run" Lilo said. "We know and understand that our weak economic base and huge dependence on timber will have direct implications to our future well being"

Lilo stated that the government is looking at ways to diversify the economic base, specifically mentioning the tuna industry. "We control at least 50 % of the tuna stock here in our waters, from that we get mere millions" Lilo said. "The industry can assist our rural population greatly if we take a more strategic approach and reap the huge benefits that comes with it"

The Acting Prime Minister said that he has taken several trips to Papua New Guinea who has taken innovative approaches to its tuna industry. "The practice of giving fishing access to our waters brings very little back to the economy" Lilo said. "We are looking at current best practices in the region and I must say PNG is leading the way"

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