9 Jan 2008

New Caledonia economic boom continues

6:06 am on 9 January 2008

The New Caledonian president has unveiled a new plan on how to better distribute the territory's wealth.

Harold Martin told the New Caledonian Congress that the nickel industry contibuted to 4.5 percent growth last year, but many residents don't benefit from it due to high living costs.

Claudine Wery reports from Noumea.

"He said that the economy is growing. It's a very good period for New Caledonia. But he said that people not always feel that the territory is wealthy because of the high cost of living here. He engaged the government in a more critical distribution of the wealth here. For example he said that he will supress a tax on cars and he'll try to reform the general system of taxes here. And he also said that he will engage discussions with the retailers to lower the prices here."

Claudine Wery