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New Initiative to Increase Investment in Pacific

New Initiative to Increase Investment in the Pacific Islands

Pacific Island economies and Australian companies will benefit from greater investment opportunities in the Pacific with the appointment of a Pacific Investment Commissioner.

The new position, a joint initiative of the Government's international aid agency, AusAID, and the Australian Trade Commission (Austrade) will help Australian companies identify opportunities for joint ventures and commercial partnerships in Fiji, PNG, Solomon Islands, Vanuatu, Samoa, Tonga, Kiribati, Cook Islands, Tuvalu, Nauru and New Caledonia.

"Increased Australian private sector investment will stimulate economic activity and employment in our largest aid recipient region: PNG and the Pacific," Foreign Minister Alexander Downer said.

"Aid alone cannot solve all the complex challenges facing Pacific countries. This initiative will help generate broad-based sustainable economic growth and greater self-reliance for the people of the Pacific Islands," Mr Downer said.

"The Pacific Investment Commissioner will be based in Sydney and work with Austrade representatives in the Pacific, as well as the broad range of agencies dedicated to assisting trade and private sector development in the Pacific Islands," Trade Minister Mark Vaile said.

The new position has been created to complement Australia's Pacific Regional Aid Strategy and will be initially funded for two years and then reviewed on its effectiveness in facilitating new, productive investment into the Pacific countries.

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