HK, RI set up fishing firm

JAKARTA (JP): PT Minasanega Perkasa and Giant Enterprises Limited of Hong Kong have agreed to establish a joint-venture company to engage in fishing in Indonesia's Exclusive Economic Zone.

Under an agreement signed on Monday evening by Minasenaga's director, M. Ng. Abiyoso, and Giant Enterprise's president, Liu Chaoying, the joint venture will invest in fishing vessels, machinery and other equipment.

In the first phase of the plan, the new company will procure fish from local fishermen.

Abiyoso said the joint venture will also establish a shipyard to produce wooden fishing vessels.

Chairman of the Association of Indonesian Fishermen, Tuk Setyohadi, who witnessed the signing of the agreement, said that the operation of the planned joint venture is expected to help make fuller use of the country's Exclusive Economic Zone, which covers an area of 5.7 million square kilometers. (01)