Cabinet signs off Statement of Corporate Intent 2023-27

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The Cook Islands Investment Corporation (CIIC) is pleased to report that Cabinet has recently signed off on CIIC’s new CIIC Statement of Corporate Intent (SCI).

Covering the period from July 2023 to June 2027, this Statement was submitted to Cabinet by the Honourable Albert Nicholas, Minister Responsible for Cook Islands Investment Corporation.

Submitted annually by the CIIC Board, the SCI outlines how CIIC intends to best fulfil its function of managing and maintaining ‘quality assets that serve the Cook Islands people’ over the coming four years.

Those assets include the government’s building portfolio across the country, in addition to various State-Owned Enterprises (SOEs) and Crown Corporate Entities such as the Airport Authority, Avaroa Cable Limited, Bank of the Cook Islands, Cobalt Seabed Resources Limited, Ports Authority, Te Aponga Uira, Te Mana Uira O Araura Limited and To Tatou Vai.

Currently worth at least $440 million, these public assets are forecast to grow in value to $670 million over the next four years.

“The SCI is an important document for us,” says CIIC Chair Fletcher Melvin. “It sets our intentions for fulfilling our roles and responsibilities to best meet the needs of the Cook Islands people.”

“A key focus area is collaboration, which includes bringing all our SOEs closer together so we can collectively serve Cook Islanders more effectively.”

Looking ahead, some of the upcoming milestones covered in the SCI include the planned Vaikapuangi Government Centre and the continuing revitalisation of Rarotonga’s main business district, currently expected to be largely completed by the end of 2024.

The business district project includes improvements to walkways, lighting, pedestrian access, and safety, as well as landscaping, fitness trails and park benches to promote greater use of public spaces and facilities.

Vaikapuangi will be a major building complex bringing numerous government agencies together under one roof and designed to provide fit for purpose buildings for ministries and agencies, improving public service performance and increase collaboration across different departments. At present, the plan outlines the required work to continuing to refine the Vaikapuangi project plan and explore and finalise funding options for this project’s delivery.

Other major CIIC projects in the works include the government-wide asset management programme and land registry.

“A big feature of the past 12 months has been the significant progress we have made rolling out the government’s asset management systems, progressing the government’s land registry, and delivering various initiatives and infrastructure projects in Rarotonga and the Pa Enua,” says Melvin.

“We are proud to say that CIIC and its entities have continued to deliver, despite challenges businesses are experiencing worldwide, including supply chain and labour challenges, as well as inflationary pressures.”

“On behalf of my fellow directors Sharyn Paio, Eleanor Roi, Arama Wichman and Patrick Arioka, we wish to acknowledge and thank Cabinet; our responsible Minister the Honourable Albert Nicholas; and the Minister responsible for Punanga Nui Market, Hon George Angene for their support.

“We’d also like to thank those CIIC directors who finished their tenures during this past year – Michael Henry, Malcolm Sword and Caren Rangi – for their significant contributions, as well as our CEO Allan Jensen, his management team, CIIC staff, and all other Chairs, Directors, CEOs and managers across the CIIC group, for what has been a busy year delivering for the nation.”

The CIIC new Statement of Corporate Intent is available to be viewed on its website, www.ciic.gov.ck. If any member of the public wishes to make a submission to CIIC with regard to our new Statement of Corporate Intent, you can do this by emailing ciic@cookislands.gov.ck or by delivering your written submission to our offices on Takuvaine Road in Avarua.

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