Fisheries economics and trade
Canned tuna is one of the main sources of protein in the Pacific Islands, however it has a lengthy value chain which involves tuna being fished by commercial operators in the region, exported to Asia where it is canned, and then imported back to the point of origin at a significant expense and often inferior quality.
The Parties to the Nauru Agreement (PNA) have developed this Microcanning innovation with Food Stream Ltd (a Brisbane-based food processing and food technology company) to support island-based entrepreneurs establish micro-canning operations that meet international safety standards and produce locally canned, nutritious food products for the local market. By replacing imported products, local microcanning has the potential to improve food security, health, generate rural employment opportunities, as well as contribute to local economic development and foreign exchange savings.
With the assistance of Launch Food / DFAT and PNA, Poseidon worked with FoodStream to develop an economic model and template business plan for in support of these microcanning operations. Locations were selected including Palau, Marshall Islands, Solomon Islands and Bouganville, PNG, for early trials and testing. Each location has particular market conditions and opportunities that will affect the optimisation and commercial viability of microcanning.
Poseidon prepared a economic model and template business plan to support entrpreneurs.