PACER Plus to Assist Samoa and Neighboring Nations
Photo: Supplied PACER Plus
Samoa will get assistance from PACER Plus to further strengthen its economic development strategy, along with other Pacific Island countries.
From March 27–29, investment representatives from PACER Plus (Pacific Agreement on Closer Economic Relations Plus) countries gathered in Sydney, Australia to exchange ideas and learn from one another about the investment-related aspects of PACER Plus.
The workshop is the first chance for officials to get together, talk about the promises and obligations that all parties have made, exchange updates on implementation, and explore ideas for using PACER Plus as a tool to enhance the business climate in their home nations.
"Countries are demonstrating their commitment to increasing inclusive investment, creating jobs, and delivering better outcomes for their people across the country by implementing the provisions in the Investment Chapter of PACER Plus," says Alipate Tavo, Trade & Investment Adviser at the PACER Plus Implementation Unit. (PPIU). "Each nation will adopt a unique strategy, but the fundamentals will not change." the statement read.
A trade and investment agreement with a focus on regional development that is in line with the Sustainable Development Goals is called PACER Plus.
The Agreement is intended to assist participating nations in promoting economic growth by helping them participate more actively in regional and international commerce and reap its benefits.
Australia, Cook Islands, Kiribati, New Zealand, Niue, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu are the other nine current signatories to the Agreement.
The purpose of the Introductory Investment Workshop is to acquaint Investment Contact Points with the justification for the inclusion of investment provisions in PACER Plus as well as the function of IIAs in collaboration with national investment and broader economic development plan.
The attraction of foreign investment has been cited by all Parties as a key growth strategy; however, this must be done in a way that respects each Party's priorities, the industries it wants to concentrate on, and the types of investors and investments it wants to encourage, based on the needs of its community.
The three-day workshop in Sydney, co-organized with the Asian Development Bank (ADB), will be supported by the PPIU. The ADB will hold a Business Registry Workshop for Forum Island Countries from March 29–31 to talk about enhancing the rules and processes for accepting investments in the region.