ADB Encourages Pacific TO Focus On Development Of Niche Products

Region increasingly being konwn for exports of coffee, vanilla, chocolates

By Monika Singh

SUVA, Fiji (Fiji Times, Dec. 28, 2016) – The Pacific is increasingly becoming known worldwide for products such as coffee, chocolate, chili, vanilla, cosmetics and signature clothing.

In its December edition of the Pacific Economic Monitor, the Asian Development Bank said for Pacific countries, developing high-value niche products for export such as coffee, vanilla, and chocolate, would open up promising economic opportunities.

The December edition of the Pacific Economic Monitor focuses on niche product development.

According to the ADB Pacific products, while produced at low volumes, could fetch premium prices by trading on the unique stories of their development, and exotic local ingredients derived from the pristine Pacific environment.

It said collective efforts to improve product quality and increased access to trade finance were but two of the ways through which Pacific exporters can harness these opportunities.

According to the report despite growing global tourism, some Pacific destinations had seen declining visitor arrivals from major markets.

"Although international crude oil prices are projected to rise by 27 per cent in 2017, much smaller increases are expected for food prices.

'Price prospects for key Pacific exports — liquefied natural gas, phosphate, and agricultural commodities — are mixed."

Other country-specific policy challenges discussed in this issue include strengthening public investments and state-owned enterprises, and information and communication technology.

The ADB believes that developing high-value niche products for export opens up promising economic opportunities particularly for rural households and small and medium-sized enterprises.

Trade finance would help improve exporters' access to financing.

Fiji Times Online.
Copyright © 2016 Fiji Times Online. All Rights Reserved

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