The market was established in 1992, having been launched by Prince Edward, in a ground-breaking ceremony.
A CIIC spokesman said the corporation extended its sincere thanks and appreciation to Business Trade and Investment Board (BTIB) and the Ministry of Agriculture (MOA) for maintaining management of the popular market for the last couple of years.
CIIC was also grateful to the aronga mana of Te Ruatonga and Avatiu community and residents living near the market, for coping with all the disruptions over the years, the spokesman added.
The corporation was now working closely with the team at Punanga Nui Market, with the aim of further developing a business plan for the market and the wider Constitution Park area.
“We look forward to develop the plan to take the market into the future, for the wider community, the spokesman said.
“We are very excited to be working in partnership with all the staff at the market, the vendors and to the wider community.
“If everyone moves forward together, success will take care of itself.”
The name Punanga Nui was given to the market by cultural teacher R Utia from Tereora College. Utia won the open public name search competition.
The market was designed and built to assist and accommodate local people: farmers, fishermen, local arts and crafts, pearls and more.
Last year marked the market’s 25th anniversary.
“Trading six days a week since its opening in 1992, the Punanga Nui Market is without a doubt one of the many best places to discover true vibrancy of the Cook Islands culture,” the spokesman said.
“The market is a very important place that holds great value within the hearts of the local people from the Cook Islands as it is the way of life. The market paves the way for all - vendors, families, customers and visitors, to make a living and to embrace the vibrancy of the Cook Islands culture.
“The market is not only important to the locals, but it is also important for tourist visiting the island, as it open doors and allows for visitors to experience our 15 sister islands in one place.”