First joint fishing venture tied up

Press, 24 June 1978, Page 21

First joint fishing venture tied up

NZPA staff correspondent The Hague Negotiations for New Zealand's first joint-venture fishing project since the economic zone was extended are being completed in Germanv this week. The agreement, still to be ratified bv the New Zealand Government, is between the Wellington company of R. C. MacDonald and the German Hanseatische Hochseefischerie Company of Bremerhaven. The marketing director for MacDonalds. Mr Bob Harrison. and the former genera! manager of the Fishing Industry Board. Mr Jim Campbell, now a consultant, a _ e both in Bremerhaven, in North Germany, this week. A spokesman for the German company told NZPA that negotiations were almost complete, and a German foreign Ministry official said: ' Yes. it’s afi finalised. They’re just dotting the is and crossing the Ts.” 1 he German Government

jtiai financial interest in the arrangement, the first joint ! venture with New Zealand for deep-sea fishing. It is believed that Maci Donald’s and the German company will each put up an initial S3M for the project. If approved by the Overseas Investment Commission —and according to sources at The Hague, the Government is not likely to object —the project will begin with a German research vessel : under the New Zealand flag investigating possible fishing grounds in New Zealand’s territorial zone. If the research proves positive, a German fishing fleet of up to 25 boats could move in and begin harvesting. The joint agreement is likely to include provision for New Zealand crews on the German boats. Marketing plans have not vet been completed. The Germans have a 49 per cent interest in the ventur. the maximum permitted under investment regulations. Under present law, the joint venture obviates the necessity for the Germans to apply for a licence to fish New Zealand waters. As the

i boats will be under the New : Zealand ensign, no licence 1 will be necessary. The only previous joint •; venture by New Zealand was i in pelagic fishing with the r United States, but that was before the extension of the) - economic zone to 200 miles.! i MacDonald’s is also! >j believed to be working on I • forming a consortium with : ■ three other New Zealand i i i companies to arrange a joint j I-venture with Japanese! ; I interests for squid fishing. ; ;iNegotiations are believed to! ; I have begun. The German Federal mem-! - ber of Parliament for; : Bremerhaven (Mr Horst j : Grunenberg) welcomed the; : New Zealand-German ven>;ture. At a lunch in Bonn ini • honour of the Deputy-Prime • Minister (Mr Taiboys) Mr i. Grunenberg said the north . German fishing industry was I i going through a difficult -'period, mainly because of I increasing restrictions on! . fishing European Economic i •i Community waters. d “It wil be of benefit to' ii “It will be of benefit to j i New Zealand-German rela-! 1 ; tions in general,” he said.