According to a press release from the Office of the Governor of Pohnpei State on March 19, 2024,
North Pacific Aqua Trading Corporation, represented by General Manager Westcott Panuelo, delivered a compelling business presentation at the Office of Fisheries and Aquaculture (OFA) conference room to Governor Joseph and key stakeholders.
The presentation outlined the corporation’s proactive approach to address concerns regarding foreign exploitation of local natural resources, particularly sea cucumbers, with minimal benefits to local communities and environmental sustainability.
Mr. Panuelo highlighted the increasing demand for sea cucumbers in China and emphasized the historical significance of these marine creatures as a traded commodity in our region, known as beche-de-mer.
The proposed business strategy entails a two-phase approach. The first phase focuses on infrastructure setup, collaboration with COM Land Grant for hatchery support, and community training. The second phase involves expansion and enhancement, with projections of creating over 200 job opportunities.
Acknowledging the importance of government support, Mr. Panuelo stressed the need for regulatory amendments to ensure adherence to best practices and practicality. The corporation plans to establish 50 sea cucumber farms, with 30 located within local communities, offering them a chance to participate in and profit from aquaculture activities.
Furthermore, Mr. Panuelo outlined plans to eventually allow community members to purchase shares in the corporation, fostering local ownership and involvement in the enterprise.
Governor Joseph praised the vision presented by North Pacific Aqua Trading Corporation, aligning with his administration’s goals of addressing food security, fostering collaboration between the public and private sectors, and promoting sustainable practices within local communities.
Expressing his excitement for the partnership, Governor Joseph assured Mr. Panuelo and his team, including Mr. Aspen Apis and Enlet Enlet Jr., of the full support and cooperation of the Pohnpei State Government in realizing this ambitious and beneficial initiative.
Also present during the presentation were: Mr. Stanely Lorrenij Executive Director of COM Land Grant, Mr. Clayton Hedson, Acting Administrator of OFA, Mr. Eugene Eperiam, Acting Director of the Department of Resources and Development, Mr. Jorg Anson – Nominee for the position of OFA Administrator and Mr. Mark Kostka – Nominee for the position of Director of the Department of Resources and Development.
News feature source: Press release Office of the Governor, Pohnpei State
Pictured from left to Right from far-left corner: Mr. Westcott Panuelo Mr. Stanley Lorennij , Hon. Stevenson A. Joseph, Governor, Pohnpei State Government, Mr. Mark Kostaka, Mr. Aspen Apis and Enlet Enlet Jr at Pohnpei State Office of the Fisheries and Aquaculture Conference Hall in Pohnpei, March 19, 2024(Picture credit Office of the Governor, Pohnpei State)
A view during the presentation on Sustainable Sea cucumber Aquaculture done by Mr. Westcott Panuelo, North Pacific Aqua Trading Corporation to the group at the Pohnpie State Office of the Fisheries and Aquaculture in Pohnpei on March 19, 2024 ( Picture credit Office of the Governor, Pohnpei State)
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