The Solomon Islands government, through the ministry of Fisheries and Marine resources, has signed a development agreement with the Western Solomon Fishing Venture (WSFV) Limited.

The Western Solomon Fishing Venture is a new fishing company jointly owned by a Philippine fishing company and the Western Provincial Government.

Speaking to SIBC news, the Deputy Premier of Western Province, Robert Kuve, says Western Province will own 20 percent shares in the company while the Philippine company will hold 80 percent shares.

The signing is crucial for the issuance of a fishing license to the new fishing company.

Speaking during the signing ceremony yesterday, the Caretaker Minister for Fisheries and Marine Resources Gordon Darcy Lilo says although the process is lengthy, "it shows how the NCRA government is determined in its efforts to ensure that Solomon Islands benefits fully from its marine resources."

The signing was witnessed by the representative of the Philippine fishing company, the Executive of the Western Provincial Government and officials of the Ministry of Fisheries.

The new fishing company will engage in downstream fishing, while part of the catch will be sold to the Solomon Islands' fishing company, SOLTAI Fishing and Processing Company Limited.

Meanwhile the Western Provincial Deputy Premier, Robert Kuve acknowledges the NCRA Government for their cooperation in the province's initiative to set up another fishing company in the country.

Mr Robert Kuve, in his address to the caretaker fisheries minister during yesterday's signing, says although it has taken 10 months to establish the new joint venture fishing company, it shows their commitment to ensure that all procedures are complied with.

The Deputy Premier says, this milestone development is part of Western Province's initiative to develop its rural communities and villages.