Fisheries in the Coral Triangle are Vitally Important, New Report Show

The coastal fisheries resources in the Coral Triangle provide food, sustain income, and fuel trade and enterprise for more than 373 million people living in the six countries of Malaysia, Indonesia, the Philippines, Timor-Leste, Papua New Guinea, and the Solomon Islands—collectively known as the CT6.

This is according to the recently completed report The Economics of Fisheries and Aquaculture in the Coral Triangle (EFACT), commissioned by the Asian Development Bank (ADB) as part of the Regional Technical Assistance for Regional Cooperation in Knowledge Management, Policy, and Institutional Support to the Coral Triangle Initiative.

The study estimates that in 2010, the CT6 contributed 11.3% (19.1 million tons) to global capture fisheries and aquaculture production. Food fish accounted for 69% of this production, representing 10% of the global food supply.

Nearly half of all tuna caught in the Western and Central Pacific, valued at $1.5 billion, came from the national waters of Indonesia, the Philippines, Papua New Guinea, and the Solomon Islands. The contribution of fisheries and aquaculture production to the Gross Domestic Product (GDP) in the CT6 ranges from 1.2% to 6.8%.

“There is no denying the value of coastal and marine resources to the economies of the Coral Triangle countries,” says ADB senior natural resources economist Marilou Drilon. She adds that this provides tremendous impetus for the CT6 to work together, address common resource management issues, and ensure that these natural resources continue to meet the needs of both present and future generations. One way to achieve this, according to the EFACT recommendations, is to enhance the CTI’s position as a global trader by improving organization among stakeholders, applying common policies, developing the CTI brand, and differentiating and certifying products.

In addition to the CT6, Vanuatu and Fiji also stand to benefit from technical assistance delivered by the ADB since the approval of its first CTI project in 2010. ADB, with significant co-financing from the Global Environment Facility (GEF), Climate Investment Fund, Japan Fund for Poverty Reduction, and AusAID, is investing over $190 million to build the capacity of government and nongovernment actors at national and local levels. These efforts aim to enhance the resilience of coastal and marine ecosystems, improve access to information for decision-making, and address challenges in managing these resources, including those posed by climate change.

Source: Coral Triangle Knowledge Network