Chamber's net equity strengthens
The Samoa Chamber of Commerce and Industry (SCCI) net equity continues to strengthen in excess of over half a million tala, states the 2018 Annual Report.
With net equity largely held in cash and cash equivalents, in 2017 it amounted to $536,716, followed by an increase of almost 10 per cent in 2018 with its cash and cash equivalents at $594,032.
But according to the 2018 Annual Report, the Samoa Chamber of Commerce generated an excess of income over expenditure of $51,578 in 2017 which is a drop of 70 per cent due to increase project and strategic activities undertaken in the year 2017.
“Our income which largely driven through donor funding and project works improved by 4 per cent, a reflection of the growth of activities for SCCI in 2017,” the report read.
“Chamber in the year 2017 strengthened new project agreements with the NZ Aid funded KoKo Project and included in the financial statements, the recognition of $90,810 which has now been assisted to grow our total income to $946,419.”
Chamber’s Pacific Leadership Program (PLP) funding agreement ended in 2017 following the rerouting of Australia New Zealand funding.
“Our outlook for 2018 remains positive. Whilst our support from PLP has ceased, as an organisation we have now managed to establish new partnerships that share our vision and support our vision and support our work and specific projects,” it further read.
New partnerships including Pacific Islands Forum Secretariat Non-state Actors grant award, US Aid, Business Link Pacific as mentioned in their 2018 Annual Report.
Chamber will continue to center on the support from members to grow internal portions of funding through annual subscriptions and paid services, allowing time to maintain secretariat support and retaining quality of services to members and private sector.