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

 

As Health Needs Rise In Somalia, Funding Hits New Low

As health needs rise in Somalia, funding hits new low, cutting off 1.5 million from care – UN More>>

Need To End Violence Against Children In Conflict

‘We should be outraged’ more not being done to end violence against children in conflict – UNICEF chief More>>

On Mandela Day, UN Joins Call To Promote Community Service

Nelson Mandela, then Deputy President of the African National Congress of South Africa, raises his fist in the air while addressing the Special Committee Against Apartheid in the General Assembly Hall. UN Photo/P. Sudhakaran More>>

Some $3.2 Billion Needed For Ebola Recovery Efforts

Some $3.2 billion needed for Ebola recovery efforts in Guinea, Liberia and Sierra Leone – UN More>>

World Day: UN Spotlights Plight Of Vulnerable Populalations

Syrian refugees fleeing the fighting near the Syrian city of Kobani wait in a holding area before boarding buses in Turkey (September 2014). Photo: UNHCR /I. Prickett More>>

Afghanisatan: Direct Talks Between Government And Taliban

The United Nations Security Council has welcomed the recently held direct talks between Afghan Government and Taliban representatives as a step towards “peace and reconciliation” in the region. More>>

Eradicating World Hunger By 2030

Agriculture workers collect carrots on a farm in Chimaltenango, Guatemala. Photo: World Bank/Maria Fleischmann More>>

Bangladesh: Flood Leads To UN Agency Providing Food Relief

Anwar Hossain unloads cartons of High Energy Biscuits from a pickup truck and transfers them to a distribution center in Kawar Khop union, Ramu upazila, Cox’s Bazar, Bangladesh. Photo: WFP/Kamrul Mithon More>>

Ban Says World Must Act Now To Curb Climate Change

Alarmed by melting glacier in Norway, Ban says world must 'act now' to curb climate change More>>

UN Spotlights Data And Technology As Key To Sustainability

The importance of quality data and cutting edge information communication technologies (ICTs) is increasingly critical to the shaping of the future sustainable development agenda, the head of the United Nations Development Programme ( UNDP ) confirmed today. More>>

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news