The Pacific Tourism Organisation (SPTO) participated in this year’s Commonwealth Business Forum in Apia, Samoa. Regional leaders, industry experts, and stakeholders gathered to discuss the unique challenges and opportunities facing tourism Micro, Small, and Medium Enterprises (MSMEs) in the Pacific.
The Commonwealth Business Forum (CBF) provided an opportunity for high-level dialogue between businesses and Government leaders from the Commonwealth and beyond to develop stronger partnerships and connections, exchange knowledge, and contribute to impactful discussions on promoting sustainable growth across the world.
The forum featured on private sector resilience strategies, addressing how the region can adapt to climate change and economic shocks while creating a more inviting investment environment.
Representing SPTO, Chief Executive Officer Christopher Cocker emphasized the significance of collaboration and tailored solutions to strengthen Pacific tourism SMEs.
The roundtable emphasized that MSMEs make up a substantial part of the region’s economy, contributing 30-50% of GDP in most Pacific Island countries and providing approximately 60-80% of all jobs. However, these businesses face several key barriers, such as limited access to finance, digital transformation gaps, and resource constraints.
“The tourism sector is the backbone of many Pacific Island economies. By exploring innovative finance models and resilience strategies, we empower our communities and businesses to overcome challenges and create lasting growth. This forum has highlighted the power of partnerships in designing solutions that meet our region’s unique needs,” Mr Cocker mentioned.
SPTO’s participation highlights its commitment to supporting tourism MSMEs in overcoming these challenges. Key initiatives highlighted at the forum included the SPTO SME Recovery Toolkit, the Community-Based Tourism Project (NZMFAT-funded), and the SPTO Jobs Link Website, all of which are designed to bolster local tourism businesses. Alternative financing models were also discussed, including microfinance, peer-to-peer lending, and venture capital solutions specifically tailored for Pacific tourism SMEs.
Mr Cocker added, “Through strategic partnerships and innovative funding mechanisms, we can establish a tourism industry that is resilient, inclusive, and economically sustainable. By addressing the challenges faced by our MSMEs and investing in their growth, we’re building a tourism sector that serves both our communities and our shared Pacific heritage.”
The forum’s discussions concluded with a call for action to adapt financing solutions to the distinct contexts of Pacific nations, emphasizing the importance of equitable access, regional integration, and long-term sustainable growth.
The Commonwealth Business Forum featured at the Commonwealth Heads of Government Meeting 2024 (CHOGM) took place in Apia, Samoa from 21-26 October 2024. It is the first CHOGM to be held in a Pacific Small Island Developing State
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