A committee set up by Finance Minister Sir Terepai Maoate has been tasked with coming up with a rescue package for the country’s shrinking offshore industry.
The Offshore Committee chaired by Sir Terepai has 30 days to develop steps the industry and government need to take to ensure the offshore industry starts growing.
Marketing the Cook Islands as a safe and reputable jurisdiction for people to do business has already been identified as a priority by the Committee. Committee member Puai Wichman says he believes that can be achieved “quite quickly.”
“We have huge potential as a jurisdiction, I think we stand to produce the greatest source of diversification of income for the country if we do it right and now we have the opportunity to do it right,” says Wichman.
Wichman says the Cook Islands offshore banking industry has languished behind other jurisdictions, and yet extremely capable and competent people are working in the industry.
Recognising that the industry has considerable potential for growth, Sir Terepai says he has been concerned that it had been shrinking in terms of its presence in the international market place and revenue contributions.
He sees the industry and government sharing financial responsibility, commitment and energy into seeing growth.
Sir Terepai did caution the Committee that the offshore industry “needs to put more effort into this rather than relying on government to drive a marketing programme.”
Finance Secretary Sholan Ivaiti, Financial Supervisory Commissioner Lorraine Allan and Anthony Will of Cook Islands Trust have also been selected to sit on the Committee.
“I am determined to see something happen, this is a very important industry to the country and second to tourism and I want to see it grow.”
Sir Terepai says he is confident that the Committee will be providing him with the best advice on the way forward.
Source: Office of the DPM
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