IACT to support more Pacific enterprises
The IACT (Increasing Agricultural Commodity Trade) project is expanding its support to several additional Pacific Island enterprises that need assistance in becoming export-oriented businesses, boosting their ability to consistently supply overseas markets with competitive agriculture, forestry, aquaculture and livestock products.<!--more-->
The project hopes to identify a dozen more enterprises, taking the total number of businesses it will be working with to around 40, up from the current 28 drawn from eight Pacific member countries of the African, Caribbean and Pacific (ACP) Group of States. The Secretariat of the Pacific Community is implementing initiative.
The inclusion of additional enterprises, according to IACT Team Leader, Samu Turagacati, will not only benefit the commercial ventures, but also create employment opportunities and improve incomes for Pacific people. “This will eventually help raise the standard of living of our Pacific communities,” he said.
IACT received expressions of interest from enterprises wishing to apply for technical assistance to strengthen their productive export capacity. Based on the applications, the IACT team undertakes a pre-screening process to classify the enterprises into the three categories: exporting enterprises; export-ready enterprises and emerging enterprises with a clear supply chain vision leading to exports in the future.
Mr Turagacati said that the team is now in the process of carrying out due diligence visits to the enterprises that have applied in order to gather more information about their operations. He said the enterprises that fail to qualify exit the process, while the successful applications are presented to the technical advisory group for final scrutiny and decision.
The group comprises individuals with expertise in financial planning, marketing, economics, and in managing agriculture, forestry, aquaculture and livestock enterprises. The new enterprises will be finalised in the upcoming technical advisory group meeting in June.