20 Feb 2009

Cook Islands to rebuild its offshore financial services industry

2:09 pm on 20 February 2009

The Cook Islands Minister of Finance, Sir Terepai Maoate, is scheduled to formally announce a stimulus package aimed at growing the country's offshore financial services industry, the biggest revenue generator after tourism.

This follows hard on the heels of a one point five million US dollar economic stimulus package announced by the government with the state-owned Bank of the Cook Islands

It is understood the package is valued at around four hundred thousand US dollars.

It is expected to set up an agency charged with developing new offshore industry products, marketing and promotions and building an industry which has not seen any significant growth in recent years.

Sources in the Cook Islands say the Government is intent on diversifying away from tourism.