Photos by Sione Vuki and Dianne Schulz

Key people from Pacific Island Forum countries, meeting in Vava'u this week to look at how to develop more competitive strategies for investment in the Pacific islands, were reminded not to forget their own people abroad as important potential investors.

"Re-defining Investment Strategies in Forum Island Countries (FICs)"” is the theme of the Tenth Heads of Investment Promotion Agencies Meeting in Neiafu, 1-2 June, at the Paradise International Hotel.

Representatives of 14 areas, including the national heads of investment promotion, aim to develop competitive investment strategies for FICs.

Paulo Kautoke, Tonga's Secretary for Labour, Commerce and Industry, in welcoming the participants stressed that, the emphasis of promotion of investment should first be domestic, then regional, then international, and to also remember our people overseas. The Tongan "Diaspora"”, Paulo said - the dispersion of a people, language, or culture that was formerly concentrated in one place - were those who are most likely to invest in their homeland.

Discussions during the meeting were to focus on the key new initiatives that have changed the investment landscape of each of the participating countries. They will also look at how to make maximum use of policies associated with the Pacific Plan to promote investment and private sector development; and how to network and share experiences.

Preliminary discussions held at the Paradise International Hotel, were facilitated by Leslie Winthrop from the World Bank who reviewed the important factors influencing potential investors coming to the South Pacific. She said investors looked at the risks of investment including safety, the political and financial landscapes, labor structure of the market, costs of resources and assets, market size, per capital income, and trade and tax policies to name a few. She emphasized the need for transparency in presenting these factors to investors.

Internet

Statistics were presented showing the value of the internet as the number one venue in showcasing a country'’s qualities. "The internet shortens research time for the investor, puts your area on the radar screen of potential investors and shows your transparency"” she said.

Country representatives spoke of the ongoing conflict of attracting potential investors and at the same time the need to monitor for a quality investment. It was noted that Investors were often the ones who returned, sometimes years later to re-invest.

Tonga's delegates to the meeting are Paulo Kautoke, Mrs Vika Fusimalohi, Deputy Secretary for Industries; and Ms Kalolaine Manu, Senior Industrial Economist, Ministry of Labour, Commerce and Industries. Other Tongans attending included Chris Cocker, Trade Commissioner, Pacific Islands Trade and Investment Commission, Auckland; Tapu Panuve, Pacific Islands Private Sector Organisation, Nuku'alofa.