Find Economic Development expertise in Nauru
Nauru drafted the National Sustainable Development Strategy in 2005, revised in 2009, laying out strategies for economic, social, infrastructural and cross-cutting sectoral reforms, including the public sector, to revitalise their economy and move away from their complete phosphate dependency. The Ministry of Finance and Economic Development is responsible for implementing these reforms as well as promoting economic development in general. Nauru does not have a specific foreign investment policy or investment promotion authority. There is a focus on specific development areas, encouraging local business and rehabilitation of over-mined land as overseen by the Nauru Rehabilitation Corporation. Nauru has signed the Refugee Convention and would welcome the opportunity host asylum-seekers from Australia once again and Nauru has been approved to begin prospecting off-shore mining in the seabed. The bankrupt Nauru Phosphate Royalties Trust was replaced in 2008, with the support of the ADB, with the Nauru Trust Fund to accumulate, grow and mobilise capital for economic development.