Increase Investment, KKP Holds Indonesia Tuna Investment And Business Forum 2024 On June 25

ILLUSTRATION / Tuna catch by fishermen. BETWEEN PHOTOS / Iggoy el Fitra / wsj.

JAKARTA - The Ministry of Maritime Affairs and Fisheries (KKP) has increased investment in upstream and downstream tuna fisheries in Indonesia, one of which is through the Indonesia Tuna Investment and Business Forum (ITIBF) 2024.

"This is a series of Tuna Year activities whose goal is to increase tuna fishery investment from upstream to downstream," said Secretary of the Directorate General of Strengthening Competitiveness for Marine and Fishery Products (PDSPKP) KKP Machmud quoted from the KKP official website, Saturday, June 22.

Machmud assessed that business opportunities for the tuna commodity are wide open in line with the positive trend of tuna skipjack trade (TCT) in the global market in recent years.

The global trade value of TCT commodities continues to increase from USD 14.37 billion in 2017 to USD 16.81 billion in 2022. "This means that the demand continues to increase," he said.

Based on ITC Trademap data, the export value of Indonesian tuna skipjack (TCT) reached 0.66 billion US dollars in 2017, an increase to 0.96 billion in 2022.

Compared to other TCT exporters, Indonesia's annual growth trend or year on year (yoy), including a high percentage of 29.3 percent.

He is optimistic that the value of tuna exports will continue to increase, as the success of the KKP in completing negotiations on reducing the processed tuna rate to 0 percent to the Japanese market through the Indonesia-Japan Economic Partnership Agreement (IJEPA). The results of these negotiations are expected to be implemented by the end of 2024.

Meanwhile, Director of Business and Investment of the Directorate General of PDSPKP Catur Sarwanto said, in the forum there would be a business agreement between the Indonesian Hotel and Restaurant Association and the Indonesian Longline Tuna Association (ATLI) to the commitment to empowerment between the private sector and the tuna group to implement tuna management based on the principles of tracing, sustainability and justice as well as a number of trade contracts.

"This forum is an effort by the KKP in practicing tuna science, which is always moving and has an impact on the community," said Director of Business and Investment at the Directorate General of PDSPKP KKP Catur Sarwanto.

Catur said the Indonesian Tuna Investment and Business Forum will be held in Surabaya on June 25, 2024. The KKP invited 300 participants consisting of fish processing units (UPI), trade representatives of partner countries, regional heads, supporting industries such as logistics, cold chain systems, retail networks, hotels and restaurants to tuna-related certification institutions.