Access to finance a regional concern

The ever-present issue of a lack in access to funding was one of the key points addressed by Chamber of Commerce president Teresa Manarangi-Trott when she spoke on behalf of the private sector dialogue to the Pacific Leaders Forum on Wednesday.

The statement was delivered after the conclusion of the two-day private sector dialogue meeting and includes several points of recommendation to the Forum leaders at the Plenary discussions in areas of renewable energy as well as sustainability around the workforce, fisheries and financing for Pacific businesses.

“Today, we agreed that access to finance continues to be one of the greatest challenges to commerce, and one which stops us developing the next generation of entrepreneurs,” Manarangi-Trott said with a particular reference to young entrepreneurs and those whose business propositions have an element of risk.

She said the private sector dialogue recommended greater access to finance to ensure businesses were able to grow and develop further.

With regards to renewable energy, she encouraged the forum leaders to consider providing incentives for island partnerships as well as policies that promote public and private energy partnerships.

Regular regional workshops to assist private sector, state-owned-enterprises and state entities to apply for loans and grants were also recommended from the private sector dialogue group alongside the appointment of a regional energy commissioner to support the island states.

Delegates noted, amongst other points, the role that the University of the South Pacific (USP) can play in regards to expand technical, vocational and educational training and working with private sector organisations.

The president said the dialogue recommended the creation of entrepreneurial studies at all school levels as well as supporting the Youth Enterprise Trust initiative that will begin in the Cook Islands.

The importance of the marine reserves and sanctuaries was not lost on the group, who subsequently deliberated and recommended for coherent policies in regards to foreign fishing ventures “which will promote local-private sector investment in the land-based fishing ancillary industries”.

When discussing the fruitfulness of the session on sustainable financing for Pacific businesses, the delegates gave their support to the Asian Development Bank for their promotion of the Secure Transaction Framework.

Manarangi-Trott addressed the forum’s economic ministers about the dialogue’s review that resulted in four recommendations for the 2013 edition. Two full days are proposed for next year’s event and some sessions will hope to include government officials, regional organisations and development partners. The items for the dialogue’s agenda will be raised and proposed at the Pacific Islands Private Sector Organisation AGM before it is forwarded to the Forum Secretariat.

“Honourable leaders, the future of Pacific Region will require a cooperative effort between government and private sector to provide sustainable renewable energy sources, sustainable and affordable finance for business and a sustainable workforce that is educated, well paid and has a secure future in their home countries,” Manarangi-Trott said.

“We are your partners in creating a sustainable and prosperous region, and we stand ready to advise you and support you to realise the potential of the Pacific.”