Pacific businesses

Report finds Pacific businesses enroute to build back better

 Having run the survey since early 2020 as the COVID-19 pandemic began, the Pacific Trade Invest (PTI) Network have found that optimistic sentiments across the region are rising, and alongside clear articulation of ongoing business challenges and calls for support, respondents are confident of both survival and improvement.

 The Q2 report shows that while 91 per cent of Pacific businesses have faced negative impacts due to COVID-19 over the quarter, 83 per cent of respondents felt confident that their business will build back stronger following the COVID-19 crisis.

Report finds Pacific Businesses confident of strong recovery

The findings indicate 87 per cent confident that they will survive the COVID-19 crisis - the highest figure since tracking began.

Supporting Pacific businesses through Bespoke Mentoring Programme

However, the stability in optimism among most respondents with 70 per cent of Pacific businesses confident their business will survive the COVID-19 crisis, compared to 69 per cent last wave proves that continuing to seek out and invest knowledge and time into growing Pacific Island businesses is a worthwhile endeavour.

Pacific Trade Invest New Zealand (PTI NZ), the trade and investment arm of the Pacific Islands Forum has responded to ongoing pandemic related issues by continuing to review their support and knowledge offerings to Pacific Island businesses.

Expectations recede for Pacific road to recovery

A year ago, 42% (143 respondents) expected to return to pre-COVID revenue levels by 2021, reflecting at the time improved confidence in a more positive outlook. This is in comparison to the most recent survey, where 12 % (106 respondents), remain confident of returning to pre-COVID revenue in 2021 and 50% expecting it in 2022 or later.

Transforming digital design in the Pacific

The PTI Australia X Canva collaboration is the first of its kind in the Pacific, connecting the simplicity of Canva's design platform to businesses across the Pacific region through PTI Australia’s network.

Cath Cooksley-Little, PTI Australia’s General Manager of Marketing, Communications & Tourism said the collaboration matches capacity building with ongoing access to world class tools.

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.

Grants on offer for Pacific businesses to rebuild

Border closures and a loss of trade routes has left many countries struggling, with a recent survey finding just under 50 percent of small to medium businesses in the Pacific have closed or expect to close.

The funding will go towards a service run by Business Link Pacific, which will offer concessionary loans and adaptation grants.

Its chief executive, Steve Knapp, said they'll be sent out in two phases, starting with the grants.

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.

91% of Pacific Businesses affected by COVID-19

Fiji has been particularly hard hit by the crisis (93% reported a significant decline in sales/revenue).

Push to unite Pacific businesses in New Zealand

In September they will launch the Tonga Business Network with a goal to establish other Pacific business networks as well.

Their work follows an economic strategy put in place by the New Zealand government to grow Pacific businesses.

The Pacific economic strategy 6 year plan launched in 2015 aims to see more sustainable Pacific-owned businesses in the country and increase their access to mentors and business networks.

SBN's Co-founder Laura Keil-Hall said the goal is to create a wider Pacific Business Network within New Zealand.