According to Parlin Tabunan, Sea Fish Exploitation Department Director under the Indonesian Maritime Affairs and Fisheries Ministry, the new negotiation pact would likely facilitate the extension of the current fishing agreement or the creation of a new MoU.
Aquatic Resources Exploitation and Protection Department Director Chu Tien Vinh signed the deal with his Indonesian counterpart Tabunan pledging to promote their fisheries cooperation just through the negotiation pact.
Now, the two ministries will propose their respective governemnts to either extend the current deal or to sign a new MoU including additional investment in seafood processing in Indonesia.
In a bid to facilitate access to its tuna fishing grounds by other foreign countries, Indonesia has also introduced new fisheries investment measures that look to fortify industry technologies and its qualified workforce. Until March of this year, Indonesian fisheries industry attracted nearly USD 120.5 million in investments from 13 overseas firms from China, Thailand, and Australia which are set to operate their fishing ventures through Indonesian processing facilities.
Moreover, Thai fisheries industry is also expected to seal negotiations with Indonesian business entrepreneurs to explore increased opportunities between the two countries.
Indonesia has lost IDR 30 trillion (USD 3.3 billion) per year due to the license-concept fishing co-operation pacts under which the country's marine resources have been depleted. This has left Indonesian fishers with no development opportunities.