07 September 2021, Ministry of Commerce Industry and Labour. Private Sector Organisations received their annual grant allocation from last years’ government budget 2020/2021 in a special ceremony held this afternoon at the MCIL offices.
The annual contribution is part of the Government of Samoa’s continuous commitment to strengthening its partnership with the private sector, and to recognise the Private Sector’s contribution to economic growth and job creation.
Samoa’s Minister for Commerce and Industry, Faumuina Leatinuu Wayne So’oialo presented the grants to the Presidents of the respective Private Sector Organisations (PSOs). The Minister encouraged the continuous partnership between the PSOs and the Government and acknowledged the business sector’s role to stimulate economic growth through employment creation, and invigorating the economy with the development of goods and services for the public, including exports and import substitutions.
Cabinet approved the allocation of the annual PSO grant for the Financial Year 2020/2021 to twelve (12) PSOs to assist with their administrative operations.
“During these challenging times with the COVID19 pandemic severely affecting both the Samoan and world economies, the PSO Grant provides crucial support for eligible Private Sector Organizations to enable them to continue serving their members,” said MCIL CEO Pulotu Lyndon Chu Ling.
The annual grant scheme started in 1997 as an Government initiative to support an organised approach by industry members. There were only two beneficiary private sector organisations at the time, sharing a portion of $30,000 tala.
With the growth of Samoa’s economy over the years, and the addition of new industry sectors in Upolu as well as Savaii, the number of organisations has increased to 12, sharing an amount of $250,000 tala.
Set criteria need to be met by the receiving PSOs, and all eligible organisations must be supporting a group of industry businesses who contribute to the development of Samoa’s economy.
“All organisations must be registered with MCIL under the Incorporated Societies Act and the stringent criteria includes a registered membership list, established office, current strategic plans, development projects being undertaken and most importantly, the submission of audited financial statements”.