26 Feb 2014

French Polynesia seals deal with Chinese aquaculture company

7:16 pm on 26 February 2014

The French Polynesian government says it has signed a deal with a Chinese company for a vast aquaculture project on Makemo, which will see investments worth 1.7 billion US dollars over 15 years.

The partnership between the government in Tahiti and Tian Rui International Investment was signed by the president, Gaston Flosse, and Wang Chen on behalf of the Chinese company.

Under the agreement, the territory will make available 36 hectares for a 30-year period which can be renewed.

A local company is to be set up to develop the project.

Work is expected to begin in June when a quay will be built to help accommodate the vessels, which will bring in construction materials for the facilities to be built on the atoll.

The company will be providing all the equipment and over time train French Polynesians in Shanghai so that in ten years, 90 percent of those working in the industry will be locals.