29 October 2015

Cook Islands private sector assessment published

PSDI has published its first private sector assessment for the Cook Islands. 

Cook Islands: Stronger Investment Climate for Sustainable Growth, was launched at Rarotonga at the Pacific region's Forum Economic and Trade Ministers Meeting. It was launched by Cook Islands Minister of Finance Mark Brown and Regional Director of ADB's Pacific Liaison and Coordination Office Andrea Iffland.

The report examines challenges the country faces in realizing its economic potential and offers recommendations that will support private sector-led growth.

Cook Islands Minister of Finance Mark Brown with ADB
Pacific Liaison and Coordination Office Regional Director
Andrea Iffland.
“While the Cook Islands is one of the best performing Pacific economies, it needs continued economic growth to improve social programs and to adjust to emigration challenges,” said Andrea. “The reforms recommended in this private sector assessment will build on the solid economic foundations in place here and make it easier to do business and easier for businesses to grow.” 

The report identifies policy actions that should be prioritized and provides strategic recommendations that will help improve the business environment. Areas where it calls for improvements to be made include policy transparency, public sector performance, business entry processes, land market issues, improving access to finance, promoting more gender equality, upgrading infrastructure services, improving the efficiency of state-owned enterprises, and developing a framework for competition.

The report says reforms in these areas will grow the economy and help the Government of the Cook Islands achieve its goal of sustainable development through private-sector-led growth.

The report is the fourth of five private sector assessments (PSAs) PSDI will produce this year. The PSAs focus on the institutional and policy reforms needed to remove constraints to broad-based private sector growth.

Download the report.  

Previous PSDI private sector assessments

16 October 2015

PSDI publishes private sector assessment for Samoa

PSDI's Samoa private sector assessment, Reform Renewed, has been launched in Apia. 

The report looks at constraints to investment and entrepreneurship. It recommends reforms that will benefit the private sector by improving productivity, through which it projects a return for Samoa to sustained high rates of economic growth. 

“ADB, through its Pacific Private Sector Development Initiative in particular, has recently partnered with the Government of Samoa on a number of reforms, including secured transactions, electronic registries, business law reform, competition and consumer protection, and state-owned enterprises,” said Andrea Iffland, Regional Director of ADB’s Pacific Liaison and Coordination Office in Sydney. “The insights and recommendations in this private sector assessment offer ways these achievements can be built on to increase Samoa’s prosperity and economic wellbeing.” 

PSDI Lead Economist Paul Holden, Deputy Prime Minister
Fonotoe Nuafesili Pierre Lauofo, and CEO of the Ministry of
Commerce, Industry and Labour Peseta Margaret Malua.
Reform Renewed was launched by Samoa's Deputy Prime Minister Fonotoe Nuafesili Pierre Lauofo at the Ministry of Commerce, Industry and Labour. He was joined by PSDI Lead Economist Paul Holden, who discussed the key recommendations of the report. 

The report recommends the government prioritize six areas: completion of secured transaction reforms; passing the new competition and consumer act; privatizing five state-owned enterprises; returning the Unit Trust of Sawhomoa to its original mandate; reviewing regulations around foreign investment, business licensing and employment; and pursuing contracting out and public-private partnerships. These reforms will promote private sector development and limit the role of the state in the economy, outcomes the report identifies as essential for Samoa’s long-term prosperity. 

Reform Renewed is the third of five private sector assessments (PSAs) being produced by the Pacific Private Sector Development Initiative (PSDI) this year. The PSAs focus on the institutional and policy requirements for—and overcoming constraints to—broad-based private sector investment growth.

Download the report.  


Previous PSDI private sector assessments