World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


Private Sector Reforms To Bring Tonga Long-Term Benefits



Private Sector Reforms To Bring Tonga Long-Term Economic Benefits-ADB

NUKU’ALOFA, TONGA (23 January, 2013) – Despite facing immediate economic challenges, far-reaching private-sector oriented reforms will bring long-term benefits to the Tongan economy, according to the Asian Development Bank’s (ADB) Private Sector Assessment for Tonga, released today.

The private sector assessment recommends ways to improve the business environment and promote growth by removing constraints that raise business costs and discourage investment. It identifies policies to promote growth and alleviate poverty by reducing the role of the state in the economy, upgrading infrastructure, improving access to finance and modernizing business laws.

“The publication provides a guide to the development of a vibrant private sector in Tonga,” said Andrea Iffland, Regional Director of ADB’s Pacific Liaison and Coordination Office in Australia. “The private sector assessment aims to assist the government with job creation and suggests ways in which the country’s prosperity could be improved by removing constraints to investment.”

The ADB report shows that Tonga has embraced a number of private-sector reforms aimed at improving the environment for business in Tonga. Reforms include: Passing a new Companies Act in 2009, the installation of an electronic registry which will reduce the cost of starting a business, simplifying the business licensing regime and the government has embarked on a program to improve the efficiency of Tonga’s state-owned enterprises. ADB supported the implementation of many of these reforms, which will bring long-term benefits to the economy and the people of Tonga.

The assessment concludes that while much has been achieved to date, much more needs to be done. The study’s recommendations will help address constraints to private sector growth and development.

ADB’s private sector assessment of Tonga was prepared in close consultation with government, and the private sector. It is part of ongoing analytical work undertaken by the Pacific Private Sector Development Initiative (PSDI) that is co-financed by ADB and AusAID. PSDI is a knowledge hub with a team of technical experts who focus on: business law reform, access to financial services, state-owned enterprise reform and public-private partnerships. Through their reform activities, ADB in partnership with the governments of Pacific developing member countries and other development partners is lifting the barriers to business growth in the Pacific.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.

ENDS

© Scoop Media

 
 
 
 
 
World Headlines

 

Israeli Soldier Kills PA Minister At Non-Violent Protest

Yesterday, an Israeli soldier killed Palestinian Authority (PA) Settlment minister, Ziad Abu Ein, at a non-violent demonstration in the village of Turmusaya. More>>

ALSO:

  • Palestinian Centre For Human Rights - Ban on Palestinians claiming compensation against military
  • Pakistan School Killings

    GENEVA (16 December 2014) – The UN High Commissioner for Human Rights Zeid Ra’ad Al Hussein on Tuesday condemned what he described as “an utterly despicable and incomprehensibly vicious attack on defenceless children” at a co-educational school ... More>>

    ALSO:


    Sobering Data On American's Apathy About CIA Torture

    Despite a scathing report on torture, a majority of survey respondents approve of the CIA's grisly methods. More>>

    Sea Shepherd Intercepts Toothfish Poachers

    Yesterday, at approximately 2152 AEDT, the Sea Shepherd conservation ship, Bob Barker, intercepted the illegal fishing vessel Thunder, at 62 15’ South, 81 24’ East, inside the CCAMLR (Commission for the Conservation of Antarctic Marine Living Resources) ... More>>

    The White House: Charting A New Course On Cuba

    We are separated by 90 miles of water, but brought together through the relationships between the two million Cubans and Americans of Cuban descent that live in the United States, and the 11 million Cubans who share similar hopes for a more positive future for Cuba. More>>

    ALSO:


    Journalist Most Recent Victim Of Israeli Military

    Bashar, a journalist from Palestine TV, was shot in the left leg at Kufr Qaddum on Friday the 5th of December 2014. More>>

    ALSO:

  • Palestinian Centre For Human Rights - Swiss government’s bid to convene a summit on Palestine
  • UN News - UN-backed reconstruction efforts continue in Gaza
  • UNICEF Mobilizes To Reach People Affected By Typhoon

    As Typhoon Hagupit wreaks havoc through the Philippines, UNICEF is acting quickly to support the Filipino government’s response to the emergency, providing lifesaving supplies and services for children and women in the areas hardest hit by cyclone-force ... More>>

    ALSO:

  • FAO - FAO praises government for early typhoon warnings
  • Get More From Scoop

     
     
     
     
     
    World
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news