UN General Assembly
2001

their fisheries sector. In order to emphasize my point, I have provided some data on the last page of my written statement. The Assembly will note that the Central and Western Pacific fishery is valued in excess of $2.5 billion per annum, while the Pacific small island developing States earn an average of only $66 million per annum in licensing fees. For the small island developing States of the Pacific to attain sustainable growth and development, this situation has to change. Last year my delegation also welcomed the conclusion by the International Seabed Authority of the exploration code for seabed mining. Continuing work is to be undertaken with respect to a code for exploration for polymetallic sulfides and cobalt-rich crusts. Papua New Guinea has particular interest in polymetallic sulfides. My delegation would like to thank once again the Secretary-General of the International Seabed Authority, Ambassador Satya Nandan, for his report on the work of the Authority. We welcome the execution of contracts by pioneer investors and urge the remaining pioneer investor to follow suit as soon as possible.