The Korean-based firm, on Oct. 6, Ye Seung Marine Products held a ground breaking ceremony at Ngergesang.
The company is doing business in Palau under the Foreign Investment Approval Certificate (FIAC) and has a business license for tuna fishing and obtained tuna fishing rights in Palau waters.The size of the port the company is 250m X 100m, which can accommodate 60 fishing vessels parking at the same time.During the ceremony, Mr. Eung-Deuk Kwon, vice president of the company, delivered a proposal that the company wishes to operate fishing vessels with Palauan Flag.“As long as we know, there’s few boats with Palauan flag. Laws and government system seems insufficient for that policy. However, once Palau government establishes such system, it will increase and generate a lot of income,” Kwon said.He added during the ceremony that flag register tax and regular vessel inspection tax etc. will contribute to tax revenue, and boats with the flags also work as patrols to guard the Palau waters. With Palau Government, we hope to explore ways toward mutual benefit as soon as possible,” Kwon said.
