A long-running program to improve the business environment in the Pacific has succeeded in removing numerous barriers to private sector investment and entrepreneurship, according to an Asian Development Bank (ADB) report released today.
Since 2006, ADB’s Pacific Private Sector Development Initiative (PSDI) has worked to alleviate poverty by promoting inclusive economic growth through reforms that encourage private sector investment and entrepreneurship. PSDI’s latest annual report, A Decade of Reform, summarizes many successful reforms Pacific countries have enacted with its support.
“PSDI’s achievements over the past decade demonstrate that strong analytical work, sustained advocacy, and open and cooperative engagement with Pacific island governments, institutions, and the private sector are requirements for reform success,” said Liliana Warid, Private Sector Development Specialist with ADB’s Pacific Liaison and Coordination Office. “Across the Pacific, PSDI has made it easier for formal businesses to start up and grow, thereby increasing economic activity and spurring job creation.”
An extended chapter in the report on the economic empowerment of women examines ways to improve women’s role in the formal economy. It highlights the importance of creating women-friendly business environments, such as online business registration processes that are affordable and easy to access, and women-friendly business entities, such as community companies and cooperatives.
