Members of the business community, senior government officials and industry experts convened in Suva today to deliberate on the challenges facing the private sector and the way forward.
The Fiji Business Forum, organised by the Suva Chamber of Commerce and Industry, got underway at the Holiday Inn aimed at resolving issues affecting the business community in a focused and targeted approach.
Speaking at the forum, the Suva Chamber of Commerce and Industry president, Dr Nur Bano Ali said Fiji needs mutually defined solutions for improved business performance translating into higher levels of economic performance.
“We once again bring you an interactive and practical event designed to foster business and investment from a solution driven approach. Indeed a robust and thriving private sector is a clear sign of a progressive economy and we need to put this agenda at the forefront of formulating trade policies and regulatory processes,” Dr Ali said.
Dr Ali said the Fijian economy would be able to truly overcome its challenges of unemployment and socio-economic development through a concerted effort by the private sector as well as the government.
“Fiji is at a critical phase of change in many ways and we need to capitalise on this change and contribute to moulding the correct shape for business creation and sustained economic growth.”
She added that Fiji has huge underutilised potential for new business and investment generation in the various sectors of our economy.
“Fiji is also undergoing some rapid changes in its regulatory framework and institutional changes which are directly impacting on business performance. Additionally, there are economic challenges which include the need to build on our export base, lower our imports, liberalise trade while enabling competitiveness and create new business opportunities for the SMEs sector,” Dr Ali said.
Dr Ali said that addressing these challenges would result in the strengthening of our trading platform and market competitiveness.
“Fiji is on a positive trajectory in so far as the economic growth forecast increasing to 3 per cent this year and expected to moderate to 2.25 per cent in 2014. The challenge now is to keep the momentum going and set the bar to a sustainable higher than 3 per cent per annum.
“The challenge also is to reduce our unemployment level from 9 per cent to a much lower number through the creation of more business and investment activities,” Dr Ali highlighted.
Dr Ali also urged the regulatory agencies to assist and support the business community to enhance Fiji’s economic performance.
“The service delivery mechanism of government is a principle debilitating factor to economic performance. We hear and know that the sluggish and unprofessional workings of the regulatory processes and approvals is directly in conflict with business performance and improvement.
“This adds to the cost of business in Fiji. We also know that government is trying to fix this along with many other reforms.”
Issues relating to land, approval processes, stamp duty, price control mechanism, new regulatory frameworks such as the New Companies Decree, taxes and Employment Relations Promulgation were discussed at length during the day long forum.
The issues discussed will also make direct contributions to the 2014 national budget which will be announced in November.
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