Pacific Islands: weathering the economic storm

Pacific Islands: weathering the economic storm

Developing a ‘Pacific’ brand to generate consumer awareness and demand for Pacific Island goods is one of a wide range of ideas that will go under the spotlight at the ‘Brother Pacific Wave: Weathering the Economic Storm’ conference in Auckland this week.

Pacific Cooperation Foundation (PCF) Chief Executive Meg Poutasi says action is needed to encourage Pacific exports, given there is currently a $1.1 billion trade deficit between Pacific Island countries and New Zealand. In the year ending April 2009, New Zealand exported $1.2 billion to 23 Pacific nations and only imported $173 million in return, including $67 in minerals and fuel from Papua New Guinea.

“This is a huge issue – particularly at this time when the global economic downturn is like a wave gradually rolling into the Pacific. The full force of the wave will continue to flow into 2011,” Ms Poutasi says.

“Pacific nations are vulnerable to fluctuations in external funding flows, including remittances (money sent from abroad), development assistance funds and fluctuations in commodity and export prices.

“The Pacific Wave conference is an opportunity to raise awareness about the challenges caused by the recession and to pursue practical opportunities and options for a forward looking future.”

For example, the PCF is developing the concept of a ‘Pacific’ brand as a region of origin marker. The brand would attach to licensed goods and be imbued with qualities that reflect the region.

“The challenge is to make the trade chain function to optimal levels, including infrastructure, transport and other barriers that cause delay,” Ms Poutasi says.

“Other opportunities for Pacific Island countries lie in services. For example, the tourism sector has the potential to benefit from New Zealand and Australian holiday makers opting for Pacific destinations instead of long-haul, more expensive trips.”

Another significant issue for discussion at the conference will be the recession’s impact on migration and seasonal work, particularly New Zealand’s successful Recognised Seasonal Employer Scheme.

The two day ‘Brother Pacific Wave: Weathering the Economic Storm’ conference, organised by the Pacific Cooperation Foundation (PCF), features speakers from across the Pacific, including: Hon Murray McCully New Zealand Minister of Foreign Affairs; Milovan Lucich, Asian Development Bank, Sydney;
Adi Tafuna'i, CEO, Women in Business Development Inc, Samoa;
Leasi Papali'i Tommy Scanlan, Governor, Central Bank of Samoa; Shiu Raj, Acting Director, Economic Governance, Pacific Islands Forum Secretariat;
Kaliopate Tavola, Trade Consultant and former Fiji Foreign Minister;
Adrian Hamilton-Manns, GM Commercial, Pacific Blue.

ENDS

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