Tonga Chamber of Commerce and Industry Inc.

2009 Business Survey - Press Release

TONGA CHAMBER OF COMMERCE & INDUSTRY INC.
- Advancing Business

PRESS RELEASE – Thursday 25 June 2009

GLOBAL FINANCIAL CRISIS HURTING TONGAN BUSINESSES

Tonga Chamber of Commerce and Industry (TCCI) released its 2009 Business Survey results revealing that the Global Financial Crisis is impacting on local businesses.

The 2009 Business Survey conducted by TCCI gained the opinions of over seventy businesses from all industry sectors after distributing it to over two hundred businesses (both TCCI Members and Non-Members).

Some of the major impacts on local businesses revealed included increased difficulty in accessing finance via local banks and the fall in remittances over recent months.

“These issues are related to global trends,” the President of TCCI, Mr. Paula Taumoepeau said. “There has also been a drop in retail sector sales and a tightening of supply chains to Tonga through changes and reductions in air and sea freight transport.”

The survey results also highlighted business concerns over inflation, the cost of living, finding skilled workers and the need for better economic infrastructure (airport, roads, ports, ICT and electricity), which is consistent with last years responses.

“TCCI knows that companies such as Tonga Power, Tonga Airports Ltd. and local telcos have plans to continue to invest in their infrastructure and we encourage these capital works because they will result in improvements to the local business environment,” Mr. Taumoepeau said.

"It is expected that the current reconstruction of Nuku'alofa will also help mitigate the full impact of the Global Financial Crisis," he said.

The fall in fuel prices was reflected in this year’s results but business concern seemed to have shifted towards maintaining political stability over the forthcoming year.

 “TCCI is distributing the 2009 Business Survey results to key decision makers in both government and non-government organizations and will use the results to improve TCCI’s  own services and lobbying efforts,” Mr. Taumoepeau concluded.

Quick Stats:

·        70% of respondents thought the overall business environment in Tonga had got worse in the past year

·        61% of respondents considered inflation and the cost of living one of the biggest issues for the Tongan economy over the forthcoming year

·        52% of respondents considered infrastructure development one of the biggest issues for the Tongan economy over the forthcoming year

·        50% of respondents considered adapting to the global financial crisis a barrier to their own business growth

·        47% of respondents considered finding appropriately skilled staff a barrier to their own business growth

·        Concern regarding fuel prices dropped by 41% compared to 2008

·        Concern regarding political stability rose by 38% compared to 2008.

This Survey was made possible with the generous support of the International Finance Corporation(IFC) / World Bank.

Click here to  Download Uesia 'ae ng. pisinisi tonga 'ehe ta'au 'oe palopalema fk'ekonomika fkmamani lahi  Tongan version.

Also

For more details and a full copy of the survey results Download Survey Results Presentation Full version

June Members' Events - Minister of Finance & Planning, Talks about 2009/10 Budget

Members of Tonga Chamber of Commerce & Industry (TCCI) and guests were   honoured to have Hon. Afu’alo Matoto, the Minister of Finance and Planning provide a detailed speech on Tonga’s Budget 2009/10.  This was a great opportunity for the Private Sector to raise issues they are facing for discussion with the Minister.  This was held at the Janful International Dateline Hotel Thursday 25th June, 2009. 

             

TCCI would like to thank the Minister of Finance & Planning for taking the time to provide the talk despite his busy schedule.  We would also like to extend our  sincere gratitude to Digicel Tonga for their generous support to make this event happen.

A Short Summary of the Minister’s talk and issues raised by the private sector is available in the following link.

  Download Summary Note - 2009&2010 Budget Talk

The 13th China International Fair For Investment & Trade

Description:
		The world's largest investment promotion event aiming at bilateral investment cooperation.
	Organized By:
		China Ministry of Commerce
	Venue:
		International Investment Promotion Center
		Xiamen, China
	Dates:	09/08/2009 - 09/11/2009

	Contact Information
	Name:	Liaison Department  (cifit@chinafair.org.cn)
	Phone:	+86-592-2669825

More Information and Invitation is ready and available for anyone who's interested in attending this special occasion at the Tonga Chamber of Commerce & Industry information centre at our office Taufa'ahau Road or the Chinese Embassy on Vuna Road.

EXPOShanghai 2010

World Expo 2010 Shanghai China is the occasion for China to bring the world at home, and for the world to feel at home in China. By dedicating a 5.28-square-kilometer area at the core of the city to exhibitions, events and forums on the Expo theme, "Better City, Better Life," Shanghai hopes to build a powerful and lasting pilot example of sustainable & harmonious urban living.

With a long civilisation, China favours international exchange and loves world peace. China owes its successful bid for the World Exposition in 2010 to the international community's support for and confidence in its reform and opening-up. The Exposition will be the first registered World Exposition in a developing country, which gives expression to the expectations the world's people place on China's future development.

Now on EXPO Shanghai - Six cities to host forums & more on www.expo2010.cn