PACER Plus and PTI New Zealand partnership to boost investment and economic growth in the Pacific
Pacific Trade Invest New Zealand (PTI NZ) in collaboration with the PACER Plus Implementation Unit (PPIU) is delighted to announce the launch of the Investment Readiness Programme aimed at stimulating economic growth and creating investment opportunities in the Pacific. The programme will develop a robust pipeline of up to 15 investable projects within the eight Pacific parties of PACER Plus, including Cook Islands, Niue, Kiribati, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu. The primary objective of the Investment Readiness Programme is to support selected small and medium-sized enterprises (SMEs) in the Pacific by assisting them in developing investment proposals. These proposals will be utilised by PTI NZ to facilitate connections between foreign investors and developers, fostering mutually beneficial partnerships and driving sustainable economic development. The Investment Readiness Programme will adopt a sector-agnostic approach, focusing on key industries such as agriculture, renewable energy, manufacturing, fisheries, and tech/innovation. By taking this approach, the programme aims to leverage the diverse strengths and capabilities of Pacific SMEs, highlighting the region’s potential to global investors. Ms Glynis Miller (left), PTI NZ Trade Commissioner with Mr Alipate Tavo, PPIU Trade and Investment Adviser. A core principle of the Investment Readiness Programme is its commitment to promoting and supporting women-owned or led businesses. Through active engagement and dedicated resources, the programme will empower women entrepreneurs, providing them with the necessary tools and opportunities to thrive in their respective industries. Furthermore, the programme will actively promote these women-owned businesses to the impact investment community in New Zealand and abroad, recognising the significant contributions they make to the Pacific economy. Ms Glynis Miller, PTI NZ Trade Commissioner, says: “Pacific Trade Invest New Zealand is committed to assisting Pacific parties of PACER Plus expand their investment opportunities and bring global attention to the many high-value projects in the Blue Pacific. The programme offers a vital practical step for SMEs seeking equity and growth, and wanting to assess their potential firstly for investment, then for business and export development.” Mr Roy Lagolago, Head of PPIU, expressed his enthusiasm for the programme, emphasizing its value in driving economic transformation and attracting foreign investments in the Pacific. “The Investment Readiness Programme represents a tremendous opportunity for the Pacific. By nurturing and showcasing the potential of our SMEs, we are not only fostering economic growth but also promoting the values of inclusivity and diversity. Investing in businesses with a higher representation of women in leadership positions has proven to be a predictor of long-term value creation and improved financial performance. We are confident that the programme will serve as a catalyst for positive change, unlocking new avenues of development and prosperity for the Pacific,” said Mr Lagolago. So far, 12 projects have been undertaken across the Pacific. These businesses operate across a breadth of industries and have been chosen both due to the exciting scope of their work and potential for growth. While the participation in the programme cannot provide an assurance for future investment, it will provide a solid foundation to understand where businesses can focus attention to attract committed financial partners. The PACER Plus Implementation Unit and Pacific Trade Invest New Zealand are excited to embark on this collaborative journey to boost investment readiness and propel Pacific businesses onto the global stage. By capitalising on the region’s strengths, the Investment Readiness Programme aims to create a thriving investment environment that fosters sustainable development, economic empowerment, and inclusive growth. -END- More articles like this one
PACER Plus Workshop Empowers Pacific Trade Officials with Insights
APIA, Samoa – The four-day PACER Plus Regional Trade in Services Workshop, aimed at enhancing the capacity of government officials from PACER Plus Parties, concluded successfully yesterday. The workshop, held from 8-11 May in Samoa’s capital Apia, provided a platform for participants to delve into the significance of services trade, explore the PACER Plus services chapter and schedules of specific commitments, analyse trade in services statistics, and identity opportunities for Pacific Parties to bolster their service sectors and maximise gains from services trade. The workshop featured world class experts who shared their expertise and knowledge on various aspects of services trade. These included trade experts from organisations such as the World Trade Organisation, Lexbridge Lawyers, World Bank, United Nations Conference on Trade and Development, TradeWorthy, Pacific Islands Forum, and the Pacific Community. Presentations from the ASEAN region and the Regional Cooperation Economic Partnership also highlighted lessons from other regions and Free Trade Agreements (FTAs) that could assist the development of trade in services in the Pacific. Through comprehensive sessions and engaging exchanges with experts, the participants deepened their understanding of the vital role services play in the region’s economic growth. The workshop fostered a collaborative environment that empowered the participants to explore the opportunities available to them and envision strategies to strengthen their service sectors. “I wish to acknowledge the PACER Plus Implementation Unit (PPIU) for organising this workshop. The first day of the workshop, I remember saying to myself that I didn’t fully understand trade in services. At the end of it, I can now say that I’ve gained invaluable insights into services trade. My understanding of the vital role services play in Solomon Islands and indeed regionally has deepened,” said Janice Ashwin, Senior Trade Officer with the Ministry of Foreign Affairs and External Trade in Solomon Islands. Reflecting on the workshop’s success, Laisiana Tugaga, Operations and Secretariat Manager of the PACER Plus Implementation Unit, remarked: “We’ve learnt this week that the services sector is the backbone of economic development, creating more jobs and economic activity than any other sector. We are seeing this even in the Pacific with services value added accounting for more than half of some countries’ GDP – 70 per cent for Samoa. PACER Plus offers a unique opportunity to address barriers to trade in services in the Pacific. Not only is it the only FTA in the Pacific with a trade in services agreement that is in force, but it also has a development cooperation programme that can provide targeted support to our countries. We are confident that the knowledge gained during this workshop will pave the way of enhanced participation and gains from services trade in the Pacific.” From this workshop, the Parties have agreed to continue targeted capacity building initiatives to broaden Pacific stakeholders’ understanding of Parties’ services obligations and commitments under the PACER Plus Agreement. The Parties also agreed to look at renewed processes and tools to improve the development of project proposals under the PACER Plus Development and Economic Cooperation (DEC) work programme. The PACER Plus Implementation Unit administers the DEC and provides support to Parties for the implementation of activities including Trade in Services. -END- About PACER Plus: The Pacific Agreement on Closer Economic Relations Plus (PACER Plus) is a unique regional trade and investment agreement among eight Pacific countries and Australia and New Zealand. The agreement aims to promote economic cooperation and enhance trade between Pacific countries and their larger neighbours, Australia and New Zealand. More articles like this one
Regional Workshop to Boost Services Trade under PACER Plus
APIA, Samoa – The Pacific Agreement on Closer Economic Relations Plus (PACER Plus) is the only Free Trade Agreement in the Pacific which has entered into force, that has a Trade in Services component. It offers better access and greater certainty for service suppliers in Parties and has the potential to deliver significant gains given the increasing importance of services trade in Pacific economies. For these small and remote economies, services trade can directly contribute to sustainable economic development in the region through generating jobs, facilitating global and regional value chains, and enhancing participation of Pacific micro, small and medium-sized enterprises in those chains. The PACER Plus Implementation Unit (PPIU) recognises the need for further capacity development support to help Pacific countries understand their obligations and optimise the opportunities provided in the PACER Plus Agreement to increase their participation and benefits from services trade. The PPIU is therefore hosting a four-day Regional Trade in Services workshop which starts today in Apia, Samoa. Experts in Trade in Services from around the world have been engaged to conduct the training, including from the World Trade Organisation, International Telecommunications Union, United Nations Conference on Trade & Development, World Bank, Asian Development Bank, Pacific Community, and the Pacific Islands Forum Secretariat. Experts from the Association of Southeast Asian Nations (ASEAN) are also engaged to share lessons learnt from services trade in their region and how it can apply to the Pacific. The workshop is attended by key trade in services officials from Pacific Parties, namely Cook Islands, Kiribati, Niue, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu. “The regional workshop will help Pacific countries enhance their participation and benefits from services trade under PACER Plus. It is a significant step towards effective capacity building and implementing Trade in Services under the PACER Plus agreement,” said Mr Roy Lagolago, Head of PPIU. -END- Photo Caption: Pacific trade officials from PACER Plus parties met at the PPIU office in Apia, Samoa today for the 4-day PACER Plus Trade in Services Workshop. More articles like this one