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NZ supporting private sector development in Tonga

Hon Murray McCully
Minister of Foreign Affairs
21 October 2009 Media Statement
NZ supporting private sector development in Tonga

Foreign Minister Murray McCully today welcomed the establishment of the Business Opportunity Support Scheme (BOSS) in Tonga, which aims to encourage commercial investment and increase earnings from exports and tourism.

“Encouraging the development of Tonga’s private sector will help create the economic growth required to lift more people out of poverty,” Mr McCully said.

“BOSS is a joint initiative by the private sector and the New Zealand and Tongan governments It will helpTongan and New Zealand firms making significant investment decisions, and support business links between our two countries.

“The scheme will provide grants of up to $30,000 to assist investors and entrepreneurs carry in feasibility studies focusing on the export-related, import substitution, and tourism sectors.

“The grants will encourage commercial investment by helping businesses who would not otherwise be able to assess the commercial viability of potential new investments or business opportunities.

“Supporting private sector development is a key theme in New Zealand’s approach to development assistance in the Pacific, and the BOSS scheme is a practical example our commitment to strengthening trade and economic growth in the Pacific,” Mr McCully said.

BOSS is part of New Zealand’s programme of official development assistance with Tonga. The bilateral aid programme has increased to $16 million for each of the 2009/10 and 2010/11 financial years, and will reach $18 million in 2011/12.

For more information on the support New Zealand provides to Tonga click here.

ENDS

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