PIFS-HQ, Suva/March 11th, 2021— Pacific businesses will access first-hand know-how on global trade finance opportunities and capacity building thanks to a special symposium held March 10-11, 2021.
Pacific entrepreneurs joined African and Caribbean peers and experts from the International Trade Centre to discuss global trade finance resources available to African, Caribbean and Pacific (ACP) businesses. The “Improving and Strengthening Private Sector Access to Finance for Trade Symposium” held virtually from 10 – 11 March, 2021 included interactive training sessions for Pacific business owners and banks covering financing for Micro, Small and Medium Enterprises (MSMEs).
Pacific Islands Forum Secretary General Dame Meg Taylor says Pacific innovators and entrepreneurs are a major part of tomorrow’s global digital economy.
“Sharing best practice is a key benefit for businesses attending the symposium and Forum Trade Ministers are keen to see Pacific nations enhance our trade competitiveness as a region and share our exports with the world,” says SG Taylor. “Businesses are already seeking trade corridors, accessible markets and ways to reap the opportunities from digital solutions by connecting their products to global consumers. Already there are those leading the way with block chain technologies. We want to encourage that innovative spirit.”
Understanding the Pacific context in global trade finance, and how trade financing contributes to production capacity, is another key takeaway for attendees.
“Connecting business leaders to funding support for viable business ideas is only part of the challenge. We must also sustain relationships, keep entrepreneurs agile, meet compliance rules for particular markets, and track capital flows while expanding employment at the local level – this all contributes to the overall prosperity of the Blue Pacific continent,” says Dame Meg.
The event is co-organised by the Pacific Islands Forum Secretariat (PIFS), the International Trade Centre (ITC), and the Melanesian Spearhead Group (MSG) Secretariat. The event partners are the Office of the Africa, Caribbean and Pacific States (OACPS) , the Commonwealth Secretariat, and the European Union.