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Public assets worth $403 million

Tuesday 20 July 2021 | Written by CI News Staff | Published in Economy, National

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Public assets  worth $403 million
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.

The 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.

Covering 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.

These 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.

In 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.”

“It’s 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.”

The 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 Islands.

“I 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.

“This support has involved the offering of rental relief, electricity discounting in excess of $13 million, the provision of low-interest loans and deferred loan repayment terms.

“We have also accelerated investment in public infrastructure to stimulate the private sector and create employment.”

These 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 future.

“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 Cook Islands.”

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, ciic@cookislands.gov.ck, 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

  • Jaewynn McKay/CIIC

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