An improving business environment in the Cook Islands will help attract the private sector investment needed to ensure the future of the tourism industry, develop other sectors, and improve living standards.
This is the gist of a new report from the Asian Development Bank (ADB) called 'The Cook Islands: Stronger Investment Climate for Sustainable Growth' launched at the Forum Economic Ministers' meeting in Rarotonga.
It examines challenges the Cooks faces in realising its economic potential and offers recommendations that support private sector-led growth.
The ADB's Andreas Iffland says while the Cooks is one of the best performing Pacific economies, it needs continued economic growth to improve social programmes and adjust to emigration challenges.
The report's suggestions include improved policy transparency, public sector performance, access to finance, the efficiency of state-owned enterprises, and the development of a framework for competition.