The National Auditorium is one of government owned assets managed by Cook Islands Investment Corporation. PHOTO: Ministry of Culture
Government’s building portfolio and state-owned enterprises are expected to grow in value to $650 million over the next four years from the current worth of $403 million.
Cook Islands Investment Corporation (CIIC) is pleased to report that Cabinet
has now signed off on the new CIIC Statement of Corporate Intent (SCI), as of
July 13. This Statement was submitted to Cabinet by Mark Brown, Prime Minister
and Minister Responsible for Cook Islands Investment Corporation.
the period from July 2021 to June 2025, and refreshed each year, the Statement
outlines how CIIC intends to best fulfil its function of managing and
maintaining “quality assets that serve the Cook Islands people”, the
Corporation said in a statement.
assets include the government’s building portfolio across the country, in
addition to various different State-Owned Enterprises and Crown Corporate
Entities such as the Airport Authority, Avaroa Cable Limited, Bank of the Cook
Islands, Ports Authority, Te Aponga Uira, Te Mana Uira O Araura and To Tatou
Vai. Currently worth at least $403 million, these public assets are forecast to
grow in value to $650 million over the next four years.
a statement, CIIC chairperson Michael Henry said: “The purpose of the SCI is to
outline for the Cook Islands public our organisation’s strategy, vision, achievements,
financial targets and key performance areas.”
like a navigation chart for how we intend to carry out our work, and the basis
on which we are prepared to be held accountable.”
SCI also details some of CIIC’s notable recent accomplishments, particularly in
light of the Covid-19 pandemic and its economic effects here in the Cook
am proud of the way CIIC and its entities have responded to the unprecedented
challenge of Covid-19, ensuring that the CIIC Group is soundly positioned and
has been able to deliver significant support to the wider public during these
challenging times,” says Henry.
support has involved the offering of rental relief, electricity discounting in
excess of $13 million, the provision of low-interest loans and deferred loan
have also accelerated investment in public infrastructure to stimulate the
private sector and create employment.”
infrastructure projects have been carried out across Rarotonga and the Pa Enua
and include work done on the Tupapa Clinic, National Auditorium, Pukapuka and
Aitutaki Hospitals, Atiu Courthouse and Suwarrow Island Shelter.
Looking ahead, upcoming CIIC projects
include the commencement of the strategically important Vaikapuangi Government
Centre, continued Covid-19 support, the delivery of potable water to Rarotonga
and the finalisation of work to assess capital structure requirements into the
“All of these initiatives and projects
will ensure our assets are well equipped to deliver benefits and serve the Cook
Islands for many generations to come,” says Henry. “CIIC is ready to achieve
what has been outlined in this SCI and ready to deliver for the people of the
The SCI is available to be viewed or
downloaded from the CIIC website; www.ciic.gov.ck. If any member of the public
wishes to make a written submission to CIIC with regard to the new Statement of
Corporate Intent, you can provide feedback or make a written submission by
email, email@example.com, or by delivering this to the offices, next to
Prestige Furniture, Takuvaine Road, Avarua.
The Minister responsible for CIIC is
the Prime Minister, the Honourable Mark Brown. The Associate Minister
responsible for CIIC is the Member of Parliament for Avatiu, Ruatonga and Palmerston,
Albert Nicholas. The Minister responsible for the Punanga Nui Market is the
Honourable George Angene. The CIIC Board of Directors is appointed by Cabinet
and is comprised of chairperson Michael Henry, deputy chairperson Malcolm Sword,
director Caren Rangi, director Fletcher Melvin and director Eleanor Roi.
The Statement can be accessed here: www.ciic.gov.ck/sci2021