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Cook Islands pearl farmers and local technicians can now access NZ$1.5million (US$1.2 million) made available under New Zealand Aid Programme funds.
Documents to formalise the aid programme were signed in Rarotonga last week between the Prime Minister, Henry Puna and local partners.
Administered under the Pearl Production Credit Scheme (PPCS), the funds will finance pearl farm production requirements.
This initiative is one component of the Tripartite Arrangement for Cook Islands Pearl Industry Revitalisation 2011 – 2014 signed by the governments of New Zealand, Australia, and the Cook Islands.
Under this agreement, NZ$3.1 million (US$2.5 million) has been set aside to develop sustainable pearl farm production capacity, implement strategic marketing and sales promoting initiatives, and develop key stakeholder capacity towards managing an integrated pearl industry.
The project has significance for the Island of Manihiki, where 90 percent of Cook Islands pearls are produced.
“Investment in the pearl industry is a priority initiative under the New Zealand and Cook Islands Joint Commitment for Development, and is complemented by our support for improved waste management in the Cook Islands. We are pleased that this positive and important step has been reached,” – New Zealand High Commissioner, John Carter.
The main local partners involved in the Programme Activity are the Cook Islands Pearl Authority (CIPA), the Ministry of Marine Resources (MMR), the Bank of the Cook Islands (BCI), the Manihiki Pearl Farming Authority (MPFA), and the Manihiki Island Council.
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