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COOK ISLANDS GOVT TO BOOST FINANCIAL SECTOR WITH US$381,000.
RAROTONGA, March 2 Asia Pulse - Cook Islands Government is to inject NZ$750,000 (US$381,000) to stimulate growth in the offshore financial services industry, reports Cook Islands News.
There are just six trust companies in the country and the industry is still very small in the context of the GDP (gross domestic product) and has not registered any significant growth for years. The trust companies administer international trusts, international companies, and offshore insurance companies.
Cook Islands finance minister Sir Terepai Maoate is driving the offshore industry stimulus package and was confident the investment will pay off and see significant growth in the country's second largest revenue earner.
Sir Terepai said the finance industry fully supported the initiative and supported an increase in the trustee fees payable to government on the understanding that the revenue from that increase would be earmarked to assist in funding this project.
The Government expects to make an extra NZ$500,000 (US$250,000) a year from the fee increase.
The industry is second to tourism as the biggest contributor to the country's GDP and Sir Terepai said the country needed to diversify away from tourism, which could be a fickle industry.
Sir Terepai chairs the offshore industry committee, which he set up last year. The committee commissioned offshore industry specialist Steve Breed to review the country's offshore financial services and make recommendations ...
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Source: HighBeam Research, COOK ISLANDS GOVT TO BOOST FINANCIAL SECTOR WITH US$381,000.