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Australia (top)
The country is a member of APEC, which is the premier Asia-Pacific
economic forum with the primary goal to support sustainable economic
growth and prosperity in the Asia-Pacific region.
A Free Trade Agreement exists between Australia and the United States.
Under the FTA, trade in goods and services as well as foreign direct
investment has continued to expand. More than 99% of U.S. exports of
manufactured goods are now duty-free. It will also eliminate tariffs
within 10 years of entry into force on textiles.
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
Beijing has agreed to explore the possibility of a bilateral free-trade
agreement, which would be the second FTA China would have with a developed
country. The other is New Zealand.
Expansionary fiscal policy, as well as the deregulation of many domestic
markets, has fostered significant increases in domestic consumption in
recent years. The government has encouraged domestic consumption by
overhauling the tax system and cutting interest rates.
Australia has vast amounts of natural resources. It is the world's largest
exporter of coal, which is 30% of the global total, has almost 40% of the
world's recoverable uranium, and may become the second largest exporter of
liquefied natural gas by 2015 . It is a major producer of copper, iron
ore, manganese, nickel, lead, limestone and gemstones. Huge investments in
mining have been planned but some are now being scaled back as government
officials exert more control on the inflows of foreign capital. Farmers
are specialized in wheat and sheep-rearing, which account for more than
half of the sector's export revenues.
The government has ratified the Kyoto protocol on the environment. It is
also playing a much more active role in new environmental initiatives in
the hope of improving global climate changes.
The population aged 65 years and over will exceed 3.5 million by 2015,
which opens opportunity to foreign companies seeking this demographic .
Fiji (top)
It is a member of the Melanesian Spearhead Group (MSG), which is a
sub-regional trade treaty established to foster and accelerate economic
development through trade relations.
Fiji is one of the more developed of the Pacific island economies,
although it remains a developing country with a large subsistence
agriculture sector. For many years, sugar and textile exports have driven
its economy. Neither industry is competing effectively in globalized
markets , therefore the interim government has offered tax incentives to
encourage investment in export industries. Tourism is the leading sector
of the industries which Fiji has to offer. Its receipts account for 19% of
GDP , however they continuously seek foreign investment for improvement in
items such as infrastructure to increase tourism.
The sugar industry provides a direct source of employment for more than
10% of the economically active adult population. The EU is cutting the
subsidized price it pays for white sugar from the Fiji Islands and others
islands by 36% during 2006-2010, which creates opportunity for other
foreign trade opportunities and investments .
The most important manufacturing activities are the processing of sugar
and fish. Since 2000 the export of still mineral water, mainly to the
United States, has expanded rapidly. By the end of 2008, water exports
totaled around U.S. $62.4 million, an increase of 11% over 2007 .
Kiribati (top)
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
Currently, the government hopes to develop the large but remote island of
Kiritimati or Christmas Island, which comprises over 70% of the total land
area of Kiribati and it is the largest coral atoll in the world and makes
it huge tourist attraction.
Fishing license fees are a major source of foreign exchange, accounting
for more than four-fifths of non-tax income. Revenue from this source rose
significantly in 2008. This income is mainly generated by ships' crews
working overseas, access fees paid by tuna-fishing fleets and the Revenue
Equalization Reserve Fund, an offshore investment fund established with
royalties from phosphate .
Kiribati's small-scale economy relies heavily on its agricultural sector,
which produces copra, dried coconut albumen and fish for world markets.
Exports consist of copra, live fish for aquariums and seaweed.
Marshall Islands (top)
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
The Republic of the Marshall Islands is a sovereign nation in "free
association" with the United States. It is also a member of the United
Nations (UN) whose stated aims are facilitating cooperation in
international law, international security, economic development, social
progress, human rights, and the achieving of world peace .
The government is the largest employer, employing 46% of the salaried work
force . GDP is derived mainly from payments made by the United States
under the terms of the Compact of Free Association.
Marshallese is the country’s official language. English is spoken to some
extent by most of the adult urban population. However, the Nitijela, the
parliament, and national radio use Marshallese. This creates opportunity
for businesses wanted to expand their influence of the English language.
Micronesia (top)
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
In 1983, the FMA (Micronesia Federation) of the FSM (Federation States of
Micronesia) voted to accept a Compact of Free Association with the U.S,
which provides for U.S. economic assistance, including eligibility for
certain U.S. federal programs, defense of the FSM, and other benefits in
exchange for U.S. defense and certain other operating rights in the FSM,
denial of access to FSM territory by other nations, and other agreements .
The birth rate remains high at more than 3% therefore creating opportunity
for labor and markets for companies to invest in or target for sales .
Nauru (top)
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
The Government is expected to receive approximately A$5 million a year
until early in the next decade from its investment in the Philippine
Phosphate Fertilizer Corporation (Philphos), which is the largest
phosphate fertilizer manufacturing complex in the Philippines. Philphos
began exporting to the Latin American market with an initial $ 20 million,
approximately P962 million worth of fertilizer to Brazil in 2007 .
Phosphate mining, primary and secondary reserves could last for up to 30
years. Exports of phosphate are the main economic driver. Slightly better
growth is expected in 2010 as new contracts for phosphate exports are now
in force at higher prices .
New Zealand (top)
The country is a member of APEC, which is the premier Asia-Pacific
economic forum with the primary goal to support sustainable economic
growth and prosperity in the Asia-Pacific region.
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
New Zealand signed a free-trade agreement with China in 2008. The country
is the first to conclude a comprehensive free-trade agreement with China.
China will cut tariff barriers for New Zealand's farm exports, which make
up half of its annual output. New Zealand is well integrated into the
global economy.
In 2007, Air New Zealand was a part of the first commercial trial of a
bio-fuel powered aircraft. This helped the country in its development of
sustainable tourism . The country's tourist industry is important,
employing 12.8% of the work force. Revenues account for nearly 18% of
foreign exchange earnings. The government forecasts an increase in tourism
expenditures of 23.3% by 2015. Retail sales showed an increase in the
second half of 2009 after five consecutive quarters of decline.
New Zealand is reasonably well endowed with mineral resources, which
include sulphur, iron ore and iron sand, titanium, gold, silver, limestone
and dolomite. It also has ample energy reserves which mainly consist of
coal and lignite, along with a massive offshore gas field. As this field
is developed with more foreign investment, New Zealand should have an
exportable surplus of energy supplies.
With ample reserves of coal and lignite and a massive offshore gas field,
New Zealand should have an exportable surplus of energy supplies. It
relies mainly on imports for its oil supplies while exporting both gas and
coal. However, domestic oil production has received a boost from increased
output at the Tui oilfield. Proved oil reserves are 53 million barrels. At
least 65% of all electricity produced comes from hydroelectric
installations .
Papua New Guinea (top)
The country is a member of APEC, which is the premier Asia-Pacific
economic forum with the primary goal to support sustainable economic
growth and prosperity in the Asia-Pacific region.
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
It is a member of the Melanesian Spearhead Group (MSG), which is a
sub-regional trade treaty established to foster and accelerate economic
development through trade relations.
The government has cut income tax rates, given tax incentives for tourism
and raised infrastructure tax credits for agriculture. Tariff rates were
also lowered. Papua New Guinea presently has a very liberal trading
system.
The oil and gas sector has grown strongly as the Moran oil field reached
full production. Papua New Guinea has proven oil reserves of 240 million
barrels, and proven natural gas reserves of 12 trillion cubic feet (Tcf).
The country has four huge and potentially oil-filled basins offshore .
The profitability of the commercial banks is satisfactory and the asset
quality of all banks has improved, reflecting improvements in credit
procedures and the overall cautious approach to new lending. The rugged
terrain raises the costs of transportation infrastructure with less than
4% of roads are paved; however this creates opportunity for foreign
investment .
Samoa (top)
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
Industry accounts for about 13% of GDP. The largest industrial venture is
Yazaki Samoa, a Japanese-owned company processing automotive components
for export to Australia under a concessional market-access arrangement.
The Yazaki plant employs more than 2,000 workers and makes up over 20% of
the manufacturing sector's total output .
New Zealand is Samoa's principal trading partner, typically providing
between 35% and 40% of imports and purchasing 45%-50% of exports. The
increasing number of Asian-owned businesses in Samoa has led the
increasing trade with Hong Kong and Japan. Australia, the U.S., including
American Samoa, and Fiji also are important trading partners. Samoa's
principal exports are coconut products, nonu fruit, and fish. Its main
imports are food and beverages, industrial supplies, and fuels .
The government spent more than ST14 million for construction of facilities
associated with the 2007 South Pacific Games, is a multi-sport event, much
like the Olympics with participation exclusively from countries around the
South Pacific. .
The Government of Samoa has a strong relationship with the Government of
the People's Republic of China (P.R.C.). The P.R.C. has provided
substantial assistance to Samoa, including an economic grant agreement for
new development projects valued at $2.6 million concluded in April 2007 .
Infrastructure work under way includes roads and schools, financed with
partner support but seeking further foreign investment.
Soloman Islands (top)
The Solomon Islands is a member of the Melanesian Spearhead Group
(MSG), which is a sub-regional trade treaty established to foster and
accelerate economic development through trade relations.
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
Credit to the private sector is increasing by more than 30% per year .
Most of it is going for personal loans, and lending to tourism, fishing
and construction. The economy has reported some of the fastest growth of
any island in the Pacific. Logging and strong aid flows have been the main
drivers. Strong world prices for major commodity exports, such as logs,
fish and palm oil, have boosted export growth but imports are rising even
faster.
The country is one of the least developed in the Pacific, but has the
third-largest population as well as rapid population growth of 2.8-3.0% a
year, which creates opportunity for foreign markets wanting to invest .
Tonga (top)
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
The budget strategy is to contain the tax burden on the private sector. A
new tax policy cut the corporate tax rate from over 37% for non-resident
companies and 15-30% for resident companies to a flat rate of 20% . This
makes the country must attractive for investment.
Young people make up more than half the country’s population but have very
limited job opportunities, which create opportunity for foreign markets
wanting to invest.
Exports include fish, root crops, kava, nonu juice and vanilla. Vanilla
has the capacity for continued growth, provided that recent high prices
are sustained. The country is seeking foreign investment in the fishing
industry is hampered by high transportation costs and a lack of capital.
Tuvalu (top)
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
Remittances from seafarers working on foreign-owned vessels are the most
important source of income, supporting construction, school fees and other
household consumption. Approximately 15% of all adult males work on ships
. A plan to expand the Tuvalu Maritime Training Institute would
considerably increase the number of graduating seafarers. The institute
offers training programs for both new entrants to the maritime industry
and experienced seafarers seeking higher qualifications and personal
advancement. Whilst the Tuvalu Maritime Training Institute is primarily
concerned with training for Tuvalu seafarers the courses are not limited
to Tuvalu citizens .
Vanuatu (top)
The country is a member of the Pacific Islands Forum (PIF), which is an
inter-governmental organization which aims to enhance cooperation between
the independent countries of the Pacific Ocean and represent their
interests.
It is a member of the Melanesian Spearhead Group (MSG), which is a
sub-regional trade treaty established to foster and accelerate economic
development through trade relations.
Progress has been made in strengthening Vanuatu's financial sector.
Important gains in financial sector supervision took place with the
passage of the International Banking Act, which allows companies to set up
and operate offshore banks in Vanuatu , and the broadening of the Reserve
Bank of Vanuatu's supervisory responsibilities to the offshore banking
sector. The new banking law makes Vanuatu more attractive to corporate
business and financial institutions that require a well-regulated banking
environment.
The service sector has performed well, supported by tourism-driven
transport, hotels and restaurants and a double-digit rise in private
credit. This sector continuously seeks further foreign investment.
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