Results for Business

A rise in Tonga's Gross Domestic Product in the coming years will be driven primarily by the reconstruction of Ha'apai, according to the IMF 2014 Article IV consultation report on Tonga, which also recommended a broading of the Consumption Tax base.

The revised WTO Agreement on Government Procurement GPA entered into force on 6 April 2014. The parties to the revised GPA will see gains in market access of an estimated US$80 billion to US$100 billion annually for their businesses. – WTO 7 April 2014.

The Tongan economy is expected to rebound during the 2014 Financial Year, according to the Asian Development Bank Economic Outlook for 2014.

The Asian Development Bank (ADB) is weeding out corruption from its development projects, barring any firm or individual it believes is cheating development projects.

Four new bucket trucks were added to Tonga Power Ltd’s vehicle fleet to help upgrade the electricity distribution network of 33 villages in Tongatapu over the next five-years.

Tonga Power has announced a reduction in the price of electricity.

Tonga is expanding its tourism industry branding, 'The Kingdom of Tonga, the True South Pacific' to include the marketing of its agricultural produces overseas.

An important review of Tonga's trade policy by the WTO in Geneva, Switzerland, from February 11-13, found that the Pacific island nation faces a backlog of reforms that are required to modernize and streamline its legal and regulatory frameworks for economic development. Tonga's imports continue to outstrip its exports by a factor of at least 10:1 annually and over 50% of its imports are for fuel and food.

The Pacific International Commercial Bank is expected to open its doors in March as the fifth bank in Tonga. The Chinese-Tongan bank venture is aiming to offer interest rate at six-percent.