Results for Business

The Tongan economy is expected to remain sluggish during the next financial year 2001/02. The Budget statement of Tonga’s new Minister of Finance, Hon. Sosiua ‘Utoikamanu, presented to parliament on June 5 said there would be no significant economic growth during the new financial year. Instead there will be a slight drop in the growth of GDP, from 4.4% in real terms last year to 3.2% in the new financial year. The Inflation rate is expected to remain at the current peak 8%, after slowly rising from 4.2% in February 2000 and 7.1% in December 2000. These are the highest levels since the early 1990s. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

Thousands of people are waiting for telephones in Nuku‘alofa and to get them all on line quickly means for the most part going wireless, and putting in some high tech cables for a small area of the Nuku‘alofa business centre. By Pesi Fonua. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

Tonga is expected to have a new 8000 tonnes container ship by January 2002, according to Erwin M. Ludewig, Tonga’s Honorary Consul to Hamburg, Germany. The new ship is a replacement of the container ship, MV Fuakavenga. From Matangi Tonga Magazine, Vol. 15, no. 4, January 2001.

Millions of pa‘anga in private investment money is currently being poured into commercial development along a two kilometres stretch of Taufa‘ahau Road between the Nuku’alofa Post Office and Fanga. From Matangi Tonga Magazine, Vol. 15, no. 4, January 2001.

The Westpac Banking Corporation became the major shareholder of the Bank of Tonga on January 4, after it bought the 30% shares of the Bank of Hawai‘i. The Bank of Tonga now has only two shareholders, Westpac holding 60% and the Government of Tonga 40%. From Matangi Tonga Magazine, Vol. 15, no. 4, January 2001.

Tonga has all the right ingredients to ride in the unprecedented rising tide of economic growth that was currently being enjoyed by the USA and other countries of the world, the American Ambassador to Tonga, Mr M. Osman Siddique, said at the launching of the Tonga-USA Business Council, at the Dateline Hotel on September 1. From Matangi Tonga Magazine Vol. 15, no. 3, September 2000.

Consumption is up as economic activity increases in Tonga. Trade figures for the first quarter of 2000 compared to the same period in 1999, for selected Tonga imports. From Matangi Tonga Magazine Vol. 15, no. 3, September 2000.

Plastic money arrived in Tonga on June 21, with an enthusiastic reception seeing over 1000 cards issued in the first month. From Matangi Tonga Magazine Vol. 15, no. 3, September 2000.

Peseti Ma’afu’s dream of an Insurance Centre for Tonga is becoming a reality after he was appointed as the first General Agent for Colonial Life Insurance in Tonga on August 18. From Matangi Tonga Magazine Vol. 15, no. 3, September 2000.