Private Sector Development

1.    Development of the Pacific Regional Private Sector Strategy

In 2021, the Forum Trade Ministers tasked the Secretariat to consider existing regional mechanisms and agencies including Pacific Islands Private Sector Organisation (PIPSO), Pacific Trade Investment Network (PTI) and other regional agencies providing support to private sector in the development of the Pacific Regional Private Sector Strategy (PRPSS), in consultation with Members, CROP Agencies and other technical agencies.
 

• The PRPSS will provide distinct priorities and strategies to fast-track efforts put in place by the private sector on post-COVID 19 economic recovery while also outlining priority areas to boost the private sector’s global competitive advantage and the region’s gradual integration into the global economy.
• The PRPSS will seamlessly harmonise with the vision of the 2050 Strategy for the Blue Pacific Continent (2050 Strategy) and play an instrumental role in actively advancing the forthcoming Pacific Roadmap for Economic Development (PRED) within the 2050 Strategy’s thematic area of ‘Resource and Economic Development,’ the Pacific Aid for Trade Strategy 2020-2025 and the proposed Pacific Trade Invest (PTI) Strategic Plan 2023-2026.
• The 2023 FTMM endorsed the proposed seven strategic areas in the Concept Note as the basis for stakeholder consultations and directed the Secretariat to work with Forum Economic Ministers to develop the Strategy. 
   

2.    Launch of the E-Commerce Grant Facility and Grant Call
 

On 4 May 2022, the Forum launched the E-Commerce Grant Facility as part of the project “Enhancing E-Commerce Opportunities for Pacific MSMEs”, under the auspices of the Republic of Korea-Pacific Islands Forum Cooperation Fund. 

• The grant facility aims to support 30 selected MSMEs to strengthen e-commerce opportunities for enhancing trade opportunities between the Pacific and Korea. The grant will support Pacific MSMEs enhance their products and service provisions to make them more marketable, appealing, and accessible to Korean consumers, many of whom use online platforms. 
• The launch of the grant facility was timely considering the increased focus on e-commerce during COVID-19 and the hastened shift to online interface. The regional grant facility directly targets implementation of Measure 7.7.1 of Pacific E-commerce Strategy and Roadmap, which relates to Access to Finance for E-commerce.

3.    Economic Recovery Project in Pacific Island Countries through the Promotion of Trade, Investment and Tourism

The Government of Japan has provided grant of USD1.07million to stimulate trade, investment and tourism opportunities between Japan and the 16 Forum Island Countries. The project’s duration is 1 year, and it will conclude in June 2024. 

• As articulated in the 2050 Strategy for the Blue Pacific Continent, Trade, Investment and Tourism are critical to long-term future. Trade, particularly, has the capacity to transform the lives of Pacific Islanders by creating livelihood opportunities and economic growth, but it is important that we progress in new and innovative ways in these areas, particularly in the context of post-Covid-19 recovery, and of course climate change.  
• The outputs of the project include:

1. Survey Report
   The project will develop a report that covers market analysis for each PIC country, including analysis and business proposals for high-potential trade products and critical infrastructure, along with insights into the Japanese market. The report will also include a list of suggested projects related to essential infrastructure.
2. Handbook on trade with Japan
   A handbook on trade with Japan (export procedures) in the main languages of the 16 target countries.
3. Tourism brochures and revamp of website
   Developing and updating tourism brochures and official tourism websites in the 16 target countries (depending on existing brochures / official tourism website)
4. Online platforms on business matching
   A business matching platform will be developed aligned with the needs of PICs and Japanese companies based on the research report in (1) above.
5. Trade and Investment Seminar/Business Forum
   Following the development of survey reports and the identification of opportunities between PICs and Japan in trade and investment, Trade and Investment seminars will be convened for business matching and networking purposes. 
   
    

4.    Pacific Island Forum dialogue with the Private Sector

The development of the 2050 Strategy Implementation Plan through a collective and inclusive approach with the region’s stakeholders underscores the will of Forum Leaders’ to work together in realising the objectives of the 2050 Strategy– where Governments, Private Sector, Civil Society and Academia work together towards our collective development aspirations. 

• The region’s Private Sector continue to be key partner and play a crucial role in complementing and triangulating policy advice in terms of public sentiment relating to the priorities of the region through a robust, inclusive, and enriching dialogue approach.
• The Forum Secretariat provides the private sector with a platform along the margins of the Forum Economic Ministers Meeting, Forum Trade Ministers Meeting and Pacific Island Forum Leaders Meeting for political dialogue to foster the reforms required for private sector growth and employment generation, with the intention being, political interventions could advance more rapidly, private sector growth. 
  
   

1.    Development of the Pacific Regional Private Sector Strategy

Objectives of the PRPSS and Roadmap

The objective is to develop a dedicated and distinct regional private sector strategy premised on:

• the need to articulate and capture in one document the priorities and strategies to foster a business environment that enables the private sector to flourish through increased ability to trade and invest, enhanced business competitiveness and participation in food security and in climate-resiliency;
• a reference document or regional framework to facilitate relationships and collaboration with partners on broader private sector development;
• being the core regional private sector advocacy instrument, in coherence with the revised OACPS PSD Strategy, MSG Private Sector Strategy, the 2050 Strategy for the Blue Pacific Continent and existing regional frameworks and mechanisms; and
• Improving research and knowledge management on Private Sector Development issues to promote inclusive market development in the Pacific.
   

2.    Launch of the E-Commerce Grant Facility and Grant Call
 

 The objectives are:

• Strengthening e-commerce opportunities and business capabilities for the tourism and trade of the PICs by supporting the private sector of the PICs;
• Increasing the value of travel and trade flows between the Republic of Korea and the PICs through increased visibility of the PICs as tourism destinations and the products of Micro, Small and Medium sized Enterprises of the PICs to Korean consumers; and
• Establishing a ROK-PICs business network and promotion platform. 
   

3.    Economic Recovery Project in Pacific Island Countries through the Promotion of Trade, Investment and Tourism

• The goal of the “Economic Recovery” project is to facilitate economic activities in the Forum Member Countries, enabling the recovery of their economies and establishing a sustainable economic cycle through enhanced trade and investment relationship between Japan and the PICs.  

4.    Pacific Island Forum dialogue with the Private Sector

The objectives are:

•  a high-level discussion forum in which private sector views on such reforms can be aired;
• stronger partnerships between the private sector and Forum governments and development partners; and
• building a stronger shared understanding of the economic, trade and regulatory policies that enable private sector growth
   

Launch of the E-Commerce Grant Facility and Grant Call

Achievements

• The first grant call awarded a total of USD60,000 to six Pacific MSMEs at a Grant Award ceremony held at the PIF Headquarters in Suva on 15 November 2022. The successful recipients are: This N That Samoa, ELIFE from Samoa, Dog Point Vanilla Development from Vanuatu, Rito Cook Islands, EAU DES’ILES Vanuatu and Rise Beyond the Reef Fiji.
  The second grant call winners will be announced in the first half of 2024.