After signing a Memorandum of Understanding with the Ministry of Natural Resources, Environment, and Tourism on May 7th, Belau Offshore Fisheries Incorporated officially became the “sole administrator of tuna and fish species” while complying with Section 6.18 of the Palau National Marine Sanctuary Regulations.

The memorandum recognizes that the Belau Offshore Fishing Incorporated as a qualified organization that has the capacity to purchase, receive, properly handle, store, process, as well as distribute tuna along with other fish species and it’s comprised of experienced fisherman that have key knowledge of supply and demand in the market.

MNRET and BOFI will work together to help strengthen Palau’s domestic market for tuna and to enhance Palau’s food security while staying aligned with their goal for a thriving and sustainable fishery.

MNRET will support BOFI by providing them a place of business, helping them with their electricity and utility expenses as well as providing them with a start-up fund of $30,000.