The Fiji Trade and Investment Board (FTIB) Chairman Mr Viliame Naupoto has revealed that despite the global financial crisis some of Fiji’s trading partner countries have shown signs of recovery and he said more improvements will be seen as we approach the new year.
Speaking at the TFL Prime Minister’s Exporter of the Year Awards 2009 at Intercontinental Fiji Golf Resort and Spa over the weekend Mr Naupoto said the good news is that economic expansions is expected in all our major trading partners next year.
“This will have a positive impact not only on our exports, but also for investment and our tourism industry,” he said.
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| PM Bainimarama congratulates TFL Hall of Fame Award winner to Ms Gaetane Austine from Pure Fiji. |
More photos Mr Naupoto said as a result of the current global financial crisis, the International Monetary Fund (IMF) had approved a general allocation of Special Drawing Rights to members equivalent to US$250 billion to provide liquidity to the global economic system.
He said being the member of IMF Fiji also benefited from this allocation with our foreign reserves boosted by $165 million.
Mr Naupoto said while the global economy has managed to pull out of recession, the recovery would be slow and gradual.
“In addition, the large monetary and fiscal stimulus packages in many of the key economies is starting to see some positive effects. Recent information out of the IMF suggests that the global economy has begun to pull out of the recession. However, the recovery is expected to be sluggish and certainly not be taken for granted. Overall, there is a sense of cautious optimism on the global scene.
The FTIB Chairman has also urged all the exporters to reach out to the global market and move along with the changing global economy.
“I have every confidence that we, the people of Fiji, will put to good use the intellect, agility and creativity we have, to claim our place in the international business scene,” he told the exporters.