Pacific Islands Trade and Invest opens inaugural summit

August 12th, 2010

Caleb Jarvis, Trade Commissioner, Pacific Islands Trade & Invest opened the Inaugural Pacific Islands Investment Summit today in Sydney. Pacific Islands Trade & Invest is co-hosting the 2 day summit, which will feature speakers and delegates from both government & and the private sector, with business publishers Business Advantage.

On day one, Tuiloma Neroni Slade, Secretary General of the Pacific Islands Forum Secretariat addressed the summit, discussing the opportunities and challenges for business in the Pacific, including the lack of financial services for many residents of the Pacific and the need for public and private sector cooperation to develop a strong business environment for the region.

Day one also saw several speakers from the financial sector. Macquarie Bank's Ben Dinte, Economist Australia / New Zealand, spoke about the current economic outlook for Australia and the region. Patrick Cocquerel, Executive Director, Westpac, discussed financing developments in the Pacific and Andrew Crompton, Partner, Kula Fund II Limited spoke about the role of Private Equity in facilitating Company growth.

Michael Rowland, ANZ CEO Pacific, delivered a Keynote address, offering an overview of the Pacific regional economy post GFC, the Pacific's connections to Asia and the role of rural and electronic banking in the region. After his address, Mr. Rowland reiterated that, "Growth in the Pacific can only continue if governments wholeheartedly encourage investment - not just welcoming inflows, but also facilitating the repatriation of capital and profits."

The significance of Asian investment in the region was also on the agenda. Eugenue G. Zhukov, Regional Director - Pacific Liaison and Coordination Office, Asian Development Bank, discussed the Asian Development Bank experiences with trade investments in the Pacific islands and the Asia Pacific region. Chinese investment in the Asia Pacific Region - specifically the Ramu Nickel Project in PNG - was outlined by Madam Luo Shu, Board Chairperson, Chinese Metallurgical Group Corporation, MCC.

Day one also saw several interactive panel discussions. Investment opportunities in the Pacific were discussed by a panel including Karai Vuibau, Consul General Fiji and tourism was also on the agenda, with a panel discussion Moderated by Andrew Wilkins, Publisher, Business Advantage International. PNG ports, the achievements of the French Pacific islands and the future of the Pacific tuna fishery were also topics of discussion on day one.

Stanley E Alphonse, Chief Commercial Officer PNG Ports Corporation Limited, spoke about facilitating economic growth through sustainable investment in infrastructure and says, "These are very interesting times for PNG, both economically and socially, with a lot of major projects in development. There are many investment opportunities for businesses and infrastructure is key to facilitating economic growth in PNG, which is currently running at about 5% and is forecast to increase to 8 - 9 % within the next several years."