At the end of day one of Tonga's first National Economic Summit, the one thing that is clear, is that government has diligently mapped out the direction of the summit, aiming to create new economic and trade policy making bodies.

In his key-note address at the opening of the three-day Summit yesterday, the Prime Minister, Hon. Dr Feleti Sevele moved for the formation of a National Economic Policy Council, to address and carry forward any decisions that would be made at the summit. The Prime Minister proposed an eight-members Council to be made of four Cabinet Ministers and four other members from the Private Sector.

The host of the Summit, the Minister for Labour Commerce and Industries, Hon. Lisiate 'Akolo in his welcoming address told the gathering of business people and government representatives that that his ministry will be working on seven proposed activities during the next four years in an effort to turn around the economy. The proposed activities include the

design and development of a national private sector development strategy; a national investment strategy and a national export strategy.

To promote trade, the Ministry wants to establish a Trade and Investment Board; and to establish a Tonga Market Centre in Auckland.

Lisiate said that in conjunction with the Ministry of Foreign Affairs, they are proposing the appointment of a trade consul or trade commissioner in Auckland, and possibly in Sydney, and a trade officer to be attached to Tonga's San Francisco Consular Office.

In Tonga he said there was a need for the restructuring of the Small Industries Centre in Ma'ufanga, Nuku'alofa, to boost the opportunities of local entrepreneurs and service providers.

The Ministry wants to assess the establishing of a small credit union bank or corporation (of which a feasibility study is being requested of the Commonwealth Secretariat) to facilitate and increase credit accessibility of cooperatives and credit unions, and the people in the rural areas.

Trade Policy

A presentation was made by Dr Jim Gosselin, a Multilateral Trade Policy Advisor at the Pacific Islands Forum Secretariat. Dr Gosselin concluded his presentation on the Impact of Trade Agreements on Tonga's economic development - WTO, EPA, PICTA and others, by proposing for the formation of a National Trade Policy Committee to be made up of representatives from Government, the Private Sector and the public. He said that the Trade Policy Committee could provide advice and support to the National Economic Policy Council that was suggested by the Prime Minister in the morning.

Private Sector

With the future economic development for Tonga mapped out, there appeared to be very little else that the private sector could contribute to the summit other than to understand the government's plan and to take advantage of some of the current opportunities available.

The Minister for Public Enterprises, Hon. Afu'alo Matoto in his presentation on 'Alternative Financial Sources for Tonga's Economic Development' pointed out that capital funding is not really the problem. He said the real problem is for Tongan entrepreneurs to come up with well thought out venture projects.

This was new to some members of the Private Sector who had never heard of available capital funding. During the first day business people were complaining that the presentations were too academic, and with regards to recovery and reconstruction they wanted action, "Now. Not next year."

The Minister for Labour, Commerce and Industries responded that in the "Real World" that is how things are done.

The summit continues today with the topic - "Tasking the Productive Economic Sectors."