Assistance by giant financial providers to the Pacific has boosted the ease of doing business in the region.
This is because of the emphasis placed by the Asian Development Bank and the Australian Agency for International Development to promote private sector in the Pacific through the co-financed private sector development initiative.
The boost has resulted in modernising outdated business laws, improving access to financial services, enhancing economic opportunities for women, and improving the efficiency of state-owned enterprises.
According to the ADB Pacific Private Sector Development Initiative Annual Progress Report 2011, the PSDI continues to evolve and move into phase three and year seven in 2013, growing demand on its financial and personnel resources are presenting increasing challenges.
And with the increasing challenges ADB is working with Pacific governments and the private sector to further promote private sector oriented reform in close co-ordination with AusAID and other development partners said Andrea Iffland, regional director of ADB's Pacific Liaison and Coordination Office in Sydney.
The PSDI helped modernise business laws in eight Pacific Island countries.
It also assisted these countries with installing and maintaining electronic registries subsequent to the passage of modernised laws.