tourism target
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Trade Winds
Solomons set tourism target
AVERAGE annual growth of 22 per cent has been outlined in a new Solomon Islands tourism development plan. It targets 24.600 arrivals in 1995 and 72,100 in the year 2000. The plan said this would mean gross foreign earnings from tourism of SIS 140 million (U 5553.4 million) in 1995.
Tourism Minister Victor Ngele later said more than 50,000 tourists a year could be expected after the Henderson Airfield upgrading.
Tuvalu
Runway survey finished A SURVEY for the upgrading of Funafuti runway has been completed.
Mcconnell Dowell (Fiji) Ltd reported to the Tuvalu Government that the 1 700-metrc runway needed the top soil stripped off, and material and a coat of lar seal laid. The company is one of three bidding for the contract. The upgrading is expected to take six months.
Tonga
Set for international flight TONGA’S national airline is to expand its route network with the start of its first regular international service, which will operate between Auckland and Nuku’alofa from July 1. The King of Tonga has approved a name change for the former Friendly Island Airways, which will now be known as Royal Tonga Airlines. It will fly direct every Monday With a Boeing 737-200 leased from Solomon Airlines.
New squash exporter bid TAI Agency Services Is seeking an export licence to become Tonga’s fourth squash exporting company. Tai claims it could sell 5000 tonnes of pumpkin squash to the Japanese company, Marubeni ad ditional to Tonga’s quota in Japan.
Niue
Aid cut threatens jobs ABOUT 150 government employees in Niue face the sack following the New Zealand government’s decision to reduce its aid to the island. The plan, which follows attempts to get Niue to tackle the bloated size of the public service, will cut NZSI million (U 55595,000) off the annual NZSIO million. NZ Premier Sir Robert Rex said his administration was top-heavy (600 out of a population of 2300 are on the government payroll) but that it needed time to resolve the problem so the fragile economy was not damaged. He said New Zealand had not considered Niue’s run of bad luck severe drought, Cyclone Ofa and disrup
tions to air links with New Zealand.
Micronesia
FSM Bank upgrading THE Federated States of Micronesia Development Bank will receive a grant of USS 153,000 from the Asian Develop ment Bank to help it upgrade. This will include preparation of a corporate plan and review of the FSM Bank’s lending operations, structure and branch net work, and staff training. It needs to expand its loan portfolio to match increasing funds from national and state governments.
Papua New Guinea
Landowners In boat venture LANDOWNERS in West New Britain have set up a company which will operate three log boats. The first vessel, MV Volka, is expected to be delivered from Japan in late May. The company, West New Britain Landowners Trust Co Pty Ltd, was established by 12 land owner groups after they realised they were missing out on benefits from logs being harvested by expatriate com panies. An agreement has been signed with a Greek shipping company for operation of the vessels.
Airbus leased to Bulgaria AIR Niugini has dry-leased its second A3lO airbus for two years to a new private Bulgarian carrier, Jes Air, at K 530,000 a month (U 55538,600). The aircraft will operate between Sofia and Singapore, New York and Ottawa, after it has been returned to France for a new paint job. Air Niugini leased the aircraft because it has adequate capacity.
Power charges rise Electricity consumers in Papua New Guinea are paying an additional 6.1 per cent for power. The electricity com mission had applied to the price control ler for the increase citing inflation, the devaluation of the kina, law and order problems and the Bougainville crisis.
Retail group collapses UNIVERSAL Trading Group has asked its bankers to appoint receivers, with company chairman Robert Bolling blaming the severe economic downturn in Papua New Guinea, internal account ing problems and weak commodity prices. The group is one of the largest merchandise chains in the country, and includes the well-known Sullivans Pty Ltd and the Prima smallgoods brand. Its
activities are spread through the High
lands and Northern provinces.
The company had lost money through its plantation investments on Bougain ville, but Bolling said Universal still had positive shareholders’ funds. It was planned that the group would continue
trading, with the receivers looking at ways to reconstruct the company and extract it from current financial prob lems. The receivers were appointed by the Papua New Guinea Banking Corpor ation,
Kiribati
NZ funds seaweed project NEW Zealand foreign aid is to back a commercial seaweed farming venture in Kiribati, A study by the New Zealand Ministry of External Relations and T rade concluded that seaweed was one of the most appropriate money earners for the region. It uses naturally available resources such as sticks and coconut fibre ropes to suspend the weed. The project is also set up with minimal capital.
A Danish company is reported to have agreed to buy all the seaweed Kiribati can produce. More than 10 islands in the Kiribati group have been designated as suitable for seaweed farming.
Fiji
Malaysian finance company move MALAYSIA’S largest public-owned fi nance company, Malaysia Borneo Fi nance Holdings Berhad, is to open an office in Suva once Reserve Bank of Fiji approval has been gained. The company has entered a joint venture with the National Bank of Fiji to offer merchant bank services in Fiji, but the regional office will operate separately from the joint venture. The company has assets in the South Pacific worth about US$2B million and is also looking to open an office in Port Vila.
Phone boost for Fiji FIJI’S telecommunications system is to get a FSIIB million (U 5579.2 million) modernisation injection over the next five years. Automatic exchanges will be converted with digital radio links and fibre optic cable systems. Extensions and upgrading of the underground cable network will link a further 23,000 customers to the telephone system. About F 52.2 million will also be spent on improving the postal system. □