Pacific Islands Economic Outlook 2023
After two long years of COVID-19 and the tourniquet it applied to the lifeblood of Pacific economies— connectivity and tourism — what can our region expect in 2023? The United Nations predicts the global economy
Business
Whipps responds to concerns over Chinese interests
Palau’s President Surangel Whipps Jr has responded to an investigative report that has revealed activity in Palau by “organised criminals with links to the Chinese Communist Party”, by stating that there is
Superfunds to host investment forum in PNG
Nasfund and Nambawan Super will be co-hosting the Pacific Island Investment Forum on behalf of the PNG Superannuation Industry in Port Moresby from 27-31 March, 2023. The Pacific Islands Investment Forum (PIIF) is an
Cook Islands tourists stranded as backlog of flights continues
A backlog of flights is likely to remain for at least another week in Rarotonga, as the Auckland floods disrupt travel plans for thousands of visitors, with some people having to rebook for the end of the week. Cook
Fiji’s economic growth steady
Fiji’s economic recovery continues despite projections from the International Monetary Fund that 2023 will be a tough year. Governor and Chairman of the Reserve Bank of Fiji Board, Ariff Ali, stated that the growth is
Genia is Bank of PNG’s new acting governor
The Government of PNG has appointed Elizabeth Genia as new acting Governor for the Bank of Papua New Guinea. Treasurer Ian Ling-Stuckey said Genia has nearly four decades of experience working in PNG’s Central Bank
Cabinet approves establishment of Samoa Export Authority
Samoa’s Cabinet has approved the establishment of the Samoa Export Authority (SEA). This was confirmed by the Deputy Prime Minister Tuala Tevaga Iosefo Ponifasio. He said export development was one of the
PNG MP lauds Australia commitment
Minister for International Trade and Investment, Richard Maru has welcomed the Australian Government’s commitment to work with Papua New Guinea on the development of Special Economic Zones (SEZs). Maru in his meeting
Cook Islands tourism industry faces spectre of fewer visitors
Cook Islands Tourism operators are preparing for a quiet few months, as visitor numbers drop as predicted. In November there were 10,278 visitors to the Cook Islands, a drop of about 24 per cent compared to October
Palau businesses likely to participate in military tourism
For the first time, the U.S. MWR (Military Morale Welfare & Recreational Centre) has reached out to Palau businesses to discuss opportunities to participate in military tourism. The Joint Region Marianas Warfighter
Samoa in cartel competition discussions
Samoan competition law enforcement officials will be among others from across the Pacific in Auckland with support from the Pacific Private Sector Development Initiative (PSDI) for a roundtable discussion ahead of the
Fiji marks first Corporate Bond Offer under new regulations
Fijian Holdings Limited (FHL) last week opened a Wholesale Corporate Bond offer of F$30 million, stating it marks a major step forward in efforts to diversify the nation’s financial market. It is the first bond offer
500 Fijian families to sign up for parametric insurance cover
500 families in two maritime islands in Fiji will this month join the latest parametric insurance product trial, launched in October by Tower Insurance, the third local insurance provider to offer parametric insurance
The Pandemic, War and the Effect on Island Travel
It’s an early Tuesday morning in the seaside town of Levuka. A fish salesman is busy opening his doors to suppliers as they bring in their catch after the night’s fishing. A shop owner scurries around preparing to
Fiji Kava prepares to rebrand as The Calmer Co
Fiji Kava will rebrand as The Calmer Co and complete its acquisition of ready-to-drink kava brand Leilo after spending the September quarter preparing for the strategic milestones, reports The Market Herald. The renamed
Fisheries businesses off to Mauritius
Seven members of the business community across the region have been selected for a business peer-to-peer exchange programme in Mauritius this month. Pacific Islands Forum Director of Programmes & Initiatives, Zarak
FijiKava eyes U.S. expansion after acquiring Leilo
FijiKava has executed an agreement to acquire ready-to-drink kava brand Leilo in the United States. The company will acquire 100 percent of Leilo stock in a share swap transaction, which will give it access to Leilo’s
PNG leaders to declare business transactions
Papua New Guinea Ombudsman Commission (OC) has reviewed its annual statement forms, meaning that a total of 452 leaders will now have to declare all their business transactions. PNG Chief Ombudsman Richard Pagen
Samoan tuna company working to reestablish exports post-COVID
Apia Export Fish Packers, a Samoa-based tuna fishing company that employs only local residents, is working to get back in the export game post-COVID. Apia Export Fish Packers Co-Owner Steve Cleverly told SeafoodSource
Solomon Islands tuna production rises despite COVID
Tuna production in the Solomon Islands increased this year despite a significantly smaller fish catch. The latest Central Bank of Solomon Islands (CBSI) quarterly report shows that the total catch dropped by 22% due to
Fiji Tourism looks north
As Fiji reopens to the world, Tourism Fiji’s top priority is securing new markets. “We were very serious about what we were doing over there,” says Tourism Fiji CEO Brent Hill about Fiji Airways’ recent
Economic diversification is key for Fiji
Fiji’s recovery is good; however it needs to diversify its economy said Dr Kishti Sen, ANZ Pacific Economist, during his visit to Fiji last week. “Our expectations towards the end of last year was that the tourism
PNG facing downgrade, says Popoitai
Frustrated by the lack of prosecution of financially-motivated crime cases, Bank of PNG has warned that the country’s global standing and cost of banking could be affected as a result. Bank of Papua New Guinea acting