HERALD WEEKLY ISSUE 580: 07 September 2011

Encouraging investment growth at the Pacific Summit
Whilst showcasing opportunities in the Cook Islands, Prime Minister Hon Henry Puna said an investment summit at the Pacific Islands Forum provided a timely reminder to stay focused on addressing issues that affect business and investment growth particularly in relation to the key economic drivers - tourism, fisheries and energy.
The one-day summit ‘‘Oceans of Opportunity’ brought Cook Island businesses, government ministers and private sector representatives together with several hundred potential investors, business leaders and experts from around the world. Cook Islands delegates including representatives of the Cook Islands Tourism Corporation, Te Aponga Uira, Tamanu Beach and The Rarotongan Beach Resort and Spa
Mr Puna said that though travel and tourism now contributes two thirds of the Cook Islands GDP, half of Vanuatu’s and a third of Samoa’s and a fifth of Tonga’s, “the Summit reminded us that growth would be constrained by obstacles like declining air services in the region and lack of investment in infrastructure like airports, wharves and cruise ship facilities that are the arteries for the sector and can be a deterrent to private sector investment.”
He said that in a region that produces over half the world’s tuna catch and which owns the only remaining healthy tuna fishery on the planet, the summit placed an emphasis on the need for better management of the resource. A World Bank study showed the Pacific region could make another 60 million US dollars a year by further strengthening fisheries management.
The need to see more initiatives that shift Pacific nations up the fisheries value food chain, greater processing of tuna catch within the region and more tuna product at the higher end of the market food chain were also suggested.
At the Summit, delegates were also appraised of the Cook Islands move to transform the electricity sector from one dependent on imported petroleum to one where the efficient use of renewable energy predominated. (Speech notes released yesterday.)
The Summit also provided the backdrop to the launch of a new bankable projects book produced by Pacific Islands Trade and Investment which highlights current property and investment opportunities in the Cook Islands including Black Rock Villas, Frangi, Raro Cars and Day Dreamers Resort.
PI Trade and Investment hosted the Summit and is the Trade Commission of the Forum Secretariat representing 14 Pacific Island nations and their trade and investment needs.
- PM Office Media Realease

Herald Issue 554 09 March
- Norm exposes Trio of Doom
- Briefs from PM’s media conference Tuesday
- Tourism Industry ponders $5 million draft strategy
- Norman George resigns from Cook Islands Party
- Letter of Resignation from CIP
- Norman selfish says Prime Minister

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