Kiribati has celebrated a remarkable milestone as it reports fisheries earnings exceeding $AUD200 million for the third consecutive year. Just two days before the new year, the government announced that the territory had secured $AUD202 million in fishing access revenues, marking a significant achievement for its economy.
The bulk of Kiribati’s revenue originates from the sale of tuna fishery licenses to distant water fishing nations, including Japan, the United States, and China. With one of the world’s largest Exclusive Economic Zones (EEZ), covering over 3.4 to 3.6 million square kilometers of the Pacific Ocean, Kiribati wields extensive jurisdiction over its marine resources.
Moreover, the coastal fisheries sector has also shown promising growth, surpassing $AUD1 million in revenues for the first time in history. Despite facing challenges from a prolonged La Niña phenomenon, which posed unfavorable fishing conditions within its national waters, Kiribati has continued to thrive.
The fisheries ministry expressed its commitment to seeking new opportunities to maximize sustainable benefits from Kiribati’s vast ocean resources, signaling a positive outlook for future growth in the fisheries sector. This achievement underscores the importance of sustainable management of marine resources in fostering economic resilience in small island nations like Kiribati.
Leave a comment