COVID-19 impact

Pacific well poised for the return of tourism

The organisation, which has 20 government members, represents tourism in the Pacific region. Its member nations cover a large area of the Pacific region extending from Rapa Nui in the east to Timor Leste in the west, as well as from the Republic of the Marshall Islands in the north, all the way south to the Kingdom of Tonga.

"We also have more than 100 private sector members from the industry," said Chris Cocker, CEO.

Vanuatu Government to roll out 3rd stimulus package for businesses

The Council of Ministers has approved several programmes under the Third Policy Stimulus to support businesses in need, by supporting cash flow while they adapt to the ‘new normal’.

The Government says it sees this as an opportunity for businesses to adapt to these challenges and find opportunities in this economic environment.

Warning shipping delay problems to continue this year

Digital supply chain experts project44 say average delays on shipping from China to Europe rose to 6 days in December, after falling for months.

Delays on routes from China to the west coast of the US have also been increasing steadily since October.

Congested ports and production delays have disrupted schedules for months.

"Delays are likely to continue well into 2022," project44 said, "as Covid breakouts continue throughout supply chains and consumers continue to buy at a healthy rate."

Huge Impact

Oxfam Unblocked Cash response injects 170 million VT into Vanuatu’s Sanma economy

The programme helps families cope with the socioeconomic implications brought by COVID-19 and TC Harold, while benefiting the local economy.

Sanma Provincial Council Secretary General Albert Ruddley thanked Oxfam and its partners while being updated about the programme by the response team.

Since it was rolled out in October 2020 until April 2021 more than 170 million VT has been injected into the Sanma economy.

New Caledonian businesses set for faster recovery than other Pacific Island countries

PTI New Zealand Trade Commissioner Glynis Miller said the recent release of the New Caledonia focussed report found that while the pandemic had impacted New Caledonia, the proportion of businesses in New Caledonia that were fully operational at the end of 2020 was significantly higher with 94% compared to 34% for the rest of the Pacific.

Miller commented that the heavy reliance of other Pacific nations on tourism compared with New Caledonia could account for this fact.

Small Pacific businesses continue to feel brunt of COVID-19

The monthly survey collects data in real-time and tracks how SMEs have been riding through the socio-economic turbulence since the pandemic made contact in the region in April 2020.

Newly appointed Trade Commissioner of the Pacific Trade Invest New Zealand office, Glynis Miller said “the results are not surprising as they do reflect real challenges faced by a large majority of SMEs.”

From data gathered in January, the fiscal and emotional impact of not knowing when the crisis will abate is taking its toll.

The gendered business impact of COVID-19 in the Pacific

Over three quarters (77 percent) of female-owned/led businesses reported a significant decline in revenue in contrast to 65 percent of male-owned/led businesses.

The results were published in a women-focused report in Pacific Trade Invest (PTI) Pacific Business Monitor.

The PTI Pacific Business Monitor is a regular survey that tracks the sentiment of businesses from across the Pacific region.

Vanuatu agriculture to receive VT1 billion as business feels COVID-19 impact

This was confirmed by the Economic Stabilisation Package team leader, Rex Willie.

He said this money will be removed from the Employment Stabilisation Package.

“If we have problems with imports of goods or jobs losses, we have agriculture to substitute,” said Willie.

At the recent opening of the Agriculture Show in Port Vila the Prime Minister announced 21% of next year’s national budget will be put into Ministry of Agriculture.

As Vanuatu government redirects it focus, other businesses in Vanuatu and around the region continue to suffer.

New areas for Pacific investment identified in wake of COVID-19

The acting Trade Commissioner, Glynis Miller, said investment was a key driver of sustainable economic growth and the Pacific needed foreign direct investment.

The organisation said this was more important than ever given the Pacific's reliance on tourism and the way the sector had been decimated by the coronavirus pandemic.

Chief Investment Officer, Manuel Valdez, said Pacific Trade Invest New Zealand held a rich database of information on what he called "bankable investment projects" across several industries.

Uncertainty the key challenge facing Pacific businesses

The results have been published in the fourth  PTI Pacific Business Monitor Report.  The PTI Pacific Business Monitor is a regular survey that tracks the sentiment of businesses from across the Pacific region.