The National Government has signed a Memorendum of Understanding (MOU) with RD Tuna Corporation that will see in the near future more locally owned fishing boats fishing within the waters of Papua New Guinea (PNG), creating more employment opportunities for the people. The MOU signed this morning in Port Moresby aims to negotiate commercial terms for the State and RD Corporation to set up a Joint Venture (JV) company to initially fish and process all the catch in a new possible cannery within the PMIZ in Madang as a Special Economic Zone (SEZ). Minister for International Trade and Investment, Richard Maru, who had been negotiating with RD Corporation, said that this MOU is a big achieve for the government. "This is a historical initiative of the Marape- Rosso government to go into domestication of the fishing industry where out of these negotiations we could for the first time have a large fishing company to fish our own waters with PNG owned fishing boats and our fishing crew, " said the minister. "This will result in us one day having our own master fishermen and owning and participating the full value chain of the industry to maximize our returns for our fisheries , including creating many jobs for our young people. " After signing the MOU, the State Negotiation Team will meet with the RD Team to commence the negotiations. The members of the State Negotiation Team are: 1. Mr. Issac Lupari (Chairman) 2. Mr. Daniel Rolpagarea- State Solicitor (Deputy Chairman) 3. Dr. David Kavanamur- Managing Director of KCH 4. Minister Kessy Sawang (Madang Representative) 5. Madang Governor Ramsey Pariwa 6. NFA Managing Director Justin Ilakini 7. Acting Secretary Department of International Trade and Investments, Mrs. Jacinta Warakai Manual. The State Negotiation Team will have three months to complete the negotiations and report back to the National Executive Council (NEC) with a proposal that both partners are happy to advance the JV agreement to set up the proposed new JV fishing company. "The contribution to the State to the JV company can both be a cash equity injection and the PMIZ land, and the contribution of RD Corporation would be the fishing boats they own, their wharf, office, and cold storage facilities at Vidar. This is of course subject to valuation and negotiation, " said Maru. Minister Maru added that the JV company is expected to create employment for 50, 000 people. The MOU was signed between the Ministry of International Trade and Investments, Kumul Consolidated Holdings, National Fisheries Authority, and RD Corporation.