The future of Pacific island subsistence and market economies is tied to the health of the freshwater, cooastal and oceanic systems of the region and the long term sustainability of their fisheries. In the smaller island and atoll states in particular, where there is very little land, there are few other opportunities for economic development. For some countries, commercial fisheries are possibly the only sector with that potential. An overview of the development and priorities identified in AusAID’s An Ocean for Growth and Stability – valuing Pacific Fish is given. There significant are significant strengths in Australia in marine science, in fisheries research and management agencies and in the industry. There are opportunities to contribute in addressing some of the impediments in the development of sustainable aquaculture and freshwater and marine fisheries in the region.