Private Sector Development 

The first Forum Economic Ministers Meeting (FEMM) in 1997 recognised that Private Sector Development (PSD) is central to ensuring sustained economic growth and that governments should provide a policy environment to encourage this. In subsequent meetings of the Forum Economic Ministers they reaffirmed the importance of consulting with the private sector when formulating economic policy and development strategies in order to enhance the effectiveness of policy, and directed the Forum Secretariat to continue to explore mechanisms for extending these to the regional level. 

The fundamental issue is how to improve overall economic efficiency, so that the FICs can keep its place in an increasingly competitive world market, whether in traditional or newly identified areas. Given the urgent need for a paradigm shift in the manufacturing sector, the policies and institutions need to be focused on the utilisation of, and value adding to domestic raw materials. A special emphasis is made on creating and enhancing backward and forward linkages with other sectors of the economy particularly the Tourism, Marine and Agriculture sectors. 

The PSD work programme of the Forum Secretariat aims to build a vibrant, cohesive, sustainable and competitive private sector through appropriate government policies, programmes and activities. These can be accomplished through the promotion of domestic entrepreneurship, attracting foreign investment, investing in human resources to strengthen their productive capabilities, enhancing existing products and developing new products to increase the level of competitiveness of the FICs. In implementing the work programme, the Secretariat liaises closely with the Forum Trade Offices in Auckland, Sydney, Beijing and Tokyo.

A key achievement of the programme is the establishment of the Pacific Islands Private Sector Organisation (PIPSO) in 2005 to represent the private sector at regional-level, public-private dialogues as well as to help build the capacity of national private sector organizations and strengthen their role during in-country consultative processes.

The pursuit of private sector development is a means to better meet the development needs and income generating opportunities and quality of life of the people of the Pacific. 

For further information please contact either:

Mrs. Alise Faulalo-Stunnenberg, Private Sector Development Officer
Mrs. Glynis Miller, Trade Commission Liaison Officer
Mr. Ma’ake Komailevuka, Young Professional PSD/EG