Here are the latest business news briefs from around the region compiled by the New Zealand Pacific Business Council.
REGIONAL
New UN Offices
The United Nations plans to establish its first offices in the north Pacific to improve services in three former United States territories. The UN will establish sub-regional offices in the Marshall Islands and the Federated States of Micronesia possibly as early as June. The United Nations Development Program will also set up offices in Tuvalu, Nauru and Palau. The move by the UN is followed by UNICEF who is setting up similar sub-regional UN offices in Vanuatu and Kiribati.
Pacific Forum Summit in Niue
This year’s Pacific Islands Forum leaders summit is to be held in Niue from 18th August. The official opening will be held on the 19th August, to be followed by the plenary session, with the leaders retreat at Uluvehi on 20th August. Meetings of Small Island States leaders and Pacific ACP leaders will also be held in conjunction with the summit. The organisers are catering for around 300 people and expect to house the visitors in both commercial accommodation and private dwellings.
FIJI
Fiji TV in NZ
The first indigenous Fijian language TV service in New Zealand will be launched on 4 April through Triangle TV's channel 21(free) and 89(Sky). It is part of a project being undertaken by the Waitakere Pacifica Education Trust to help to educate and preserve Fijian culture and tradition. The project will be overseen by Pio Iowane Wong, a former Cabinet Minister and Member of Fijian Parliament.
The project will develop the communication to the NZ Fijian community through television, radio airtime, self-learning programmes (websites, computer programs etc) and interactive workshops. The project will incorporate all features of Fijian culture, including language learning, traditions (arts, painting, carving, food preparation) and culture performances.
For promotional opportunities, contact Programme Director, Creative Fiji Aotearoa, creativefiji@yahoo.co.nz.
COOK ISLANDS
Infrastructure Development Plan
The Asian Development Bank (ADB) and the governments of New Zealand and Japan are helping the Cook Islands prepare an infrastructure development plan that includes climate proofing projects to relieve the impact of severe weather events. The Pacific Islands are particularly vulnerable to the effects of climate change, and consequently have had a significant impart on the Cook Islands physical infrastructure, which hinders development and economic growth.
The Cook Islands Government found the lack of investment in maintenance, rehabilitation and rebuilding has resulted in poor infrastructure systems that threaten health and hygiene standards in the Cook Islands. The upgrade of the country’s infrastructure (in particular power, water and sanitation services) will help the Cook Islands maintain its economic growth through increased employment opportunities and improved service delivery.
The Japan Special Fund is providing a $500,000 grant while New Zealand provides a $200,000 equivalent.
SOLOMON ISLANDS
Broadening Industry
The Solomon Islands Governor General has warned members of Parliament how insecure the country’s economic base is. Sir Nathaniel Waena said the days of logging being the foundation of the country’s wealth are numbered. The Solomons economy has flourished in the last few years largely on the back of investment and employment in the logging sector. Sir Nathaniel said that if the country didn’t take up new sustainable livelihood opportunities its economy and the standard of living would decline. Sir Nathaniel says the Solomons must develop a new flexible economy with a broader-base of industries, suggesting fisheries, tourism, oil-palm and mining as some of the industries the country can flourish in.
PAPUA NEW GUINEA
PNG Stable Investment Rating
Papua New Guinea (PNG) has been rated as a ‘stable’ destination for the first time for investors by international ratings agency Fitch Ratings. Fitch Ratings has upgraded PNG’s long-term foreign currency Issuer Default Rating (IDR) and country ceiling to ‘B+’ from a ‘B’. Fitch has also confirmed PNG’s long-term currency IDR at ‘B+’ and its short-tern foreign currency IDR at ‘B’. The upgrade recognises PNG’s establishment of relative political and institutional stability for the sixth successive year and the progress the National Government has made in managing public finances.
Gas Project Agreement
ExxonMobile announced last Friday the signing of a joint operating agreement with its partners in the PGK$28 billion (US$10.4 billion) Papua New Guinea liquid natural gas project. The deal has paved the way for the start of critical front-end engineering and design work. The project is seen as a major step forward in commercialisation of a world scale liquid natural gas project and for the development of the company’s large gas reserves.
VANUATU
Digicel Wins Licence
Digicel Pacific Ltd., the fastest-growing mobile operator in the Pacific, has strengthened its footprint in the region with the announcement today that it has been awarded a license to operate a GSM network in Vanuatu soon after being awarded a license in Fiji two weeks ago. Digicel Pacific will now offer a seamless pan pacific GSM network across five markets – Samoa, Papua New Guinea, Tonga, Fiji and Vanuatu. Digicel is planning an investment of US$35 million in building an extensive state-of-the-art GSM network that will enhance mobile communications and spur competition in Vanuatu offering innovative and accessible mobile services that offer real value to customers.
TONGA
Drop in Exports
Tonga’s Minister of Public Enterprises and Information, Afualo Matoto, says the economy is struggling because of a drop in exports and more recently remittances. The Tongan pa’anga has been steadily losing ground against other currencies. Mr Matoto says remittances are crucial to the survival of Tonga’s economy especially when exports are down.
DISCLAIMER
The New Zealand Pacific Business Council provides information in these NZPBC Pacific Briefs in an endeavour to keep its members and contacts up-to-date with events, political situations and opportunities in the Pacific Islands and New Zealand. Every care is taken in gathering this information, but the NZPBC cannot take responsibility for the reliability of these reports or for any consequences flowing from these reports. These judgements must be made by individual companies when following up on any reports or offers, and the NZPBC is in no position to vouch for any statements or offers made by others, or on their behalf. The NZPBC merely provides trends and reports from various information sources.
