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Funds to enhance business

Repeka Nasiko
Thursday, March 06, 2014

A NEW regional cluster initiative in the Pacific with funding of about $2.4million is to start with initial discussions beginning in Nadi yesterday.

A collaboration between the Pacific Islands Private Sector Organisation and the African Caribbean Pacific Business Climate Facility (BizClilm), the project is targeting Papua New Guinea, Samoa, Tonga and Vanuatu.

The key objective is to support business growth through the development of pilot clustering initiatives in each of the four countries.

Project team leader Ifor Ffowcs-Williams said economic development with a clustering approach was now on the agenda of every European Union country.

"It has proved to be a practical route to supporting business growth and export development," he said.

The project is building on the recommendations from the Business Value Chain Study, conducted by PIPSO, on improving business value chains in the Pacific region.

The study highlighted the importance of enhanced business development through improved cluster business policies, legislation and policy strategies to develop industry clusters, better information sharing and networking and improved capacities at national level.

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