The Treasury and the Pacific Business Trust (PBT) have formed a joint project to identify the Pacific economy in New Zealand.

The two organisations signed a Memorandum of Understanding in Wellington on Monday 18 December.

PBT chair Fa’amatuainu Tino Pereira describes it as “a defining project that will allow New Zealanders to fully understand the economic contribution Pacific communities make to the nation’s economic wellbeing.”

“Our Pacific communities have contributed to the engine of Aotearoa New Zealand for a long time,” he says.

“But we still face long-held negative perceptions about the lack of value to our country. This research can shed light on a community whose innovation and value have often been overlooked.”

The project aims to quantify the value, coverage and contribution of Pacific capital products and assets to the overall New Zealand economy.

This will lead to more targeted and relevant policies being developed alongside social enterprise approaches which lead to greater social and economic outcomes for Pacific New Zealanders.

It continues the collaborative relationship between PBT and Treasury following the 2016 regional engagement programmes with stakeholders in Auckland, Wellington and Christchurch. Fa’amatuainu says this important work will inform the government’s agenda on sustainable wellbeing for Pacific communities.