The Honourable Minister Ribanataake Tiwau and his delegation have successfully concluded bilateral negotiations with Chairman Sangbeom Lee and the delegation from the Korea Overseas Fisheries Association (KOFA) regarding fishing access in Kiribati waters for the year 2026.

Subsequent to this negotiation, the Board of Directors and Shareholders of the related Joint Venture Companies convened for meetings. These entities - Kirikore (Kiribati and Silla Co Ltd), Kiribati and Sajo Fisheries Company - (KFSC), and Kiribati and Dongwon Fisheries Company - (KDFC) - create significant opportunities for the Government of Kiribati. Their contributions include providing fishing vessels for Kiribati’s waters, generating revenue from access fees, creating employment for vessel crews, and offering training opportunities in Korea for Kiribati nationals, all facilitated through the Ministry of Fisheries and Ocean Resources (MFOR).

The Government of Kiribati (through MFOR) extends its appreciation to the people of South Korea, KOFA, and the Government of South Korea for their continued cooperation and partnership with Kiribati. These joint ventures yield sustained economic benefits for both the people and the Government of Kiribati.