Foreign Affairs Minister, Nanaia Mahuta and Minister of State for Trade and Export Growth, Phil Twyford have today announced a new investment fund to support COVID-19 recovery in the Pacific.
InvestPacific — the first private investment fund established exclusively targeting the Pacific — seeks to strengthen the region’s investment environment, and enhance investment opportunities.
“Aotearoa New Zealand is committed to supporting COVID recovery in the Pacific and ensuring our close partners are best placed to meet future challenges,” Ms Mahuta said.
“Through InvestPacific, we are ensuring investments provide sustainable finance options and generate real benefits for communities, like more jobs and improved environmental outcomes – reflecting the demand from some investors for a return beyond just a financial one,” Mr Twyford said.
“New Zealand is committing $17 million to the fund, which is expected to attract an additional $40 million in private investment, and will offer both flexible capital and a technical assistance facility to accelerate investments across the Pacific region.
“This is a significant step in our approach to working with Pacific partners, and it positions the Pacific strongly to take advantage of the stable trade and investment environment created by the PACER Plus agreement,” he said.
InvestPacific also aims to leverage New Zealand-based technical expertise, relationship networks, and cultural advice to maximise benefits for Pacific Island countries.
“We are prioritising the close coordination between the Pacific and New Zealand — particularly Māori and Pasifika — as a key to maintaining an indigenous focus and indigenous-led investments,” said Minister Mahuta.
“InvestPacific offers a unique, commercially sustainable programme that enables Pacific communities to realise their own goals and priorities, and improve the social and economic wellbeing,” she said.
“We are continuing to look for opportunities to work with partners across the Pacific to help raise incomes and generate new jobs, and I’m confident we will see a raft of investment prospects through this programme,” Minister Twyford said.