DEPUTY PM & MINISTER FOR FINANCE HON. BIMAN PRASAD'S SPEECH AT THE FIJI COMMERCE & EMPLOYERS FEDERATION (FCEF) BREAKFAST MEETING

Good morning, ladies and gentlemen. I am very delighted to join you all today. I would like to thank the CEO of the Fiji Commerce & Employers Federation (FCEF), Mr. Kameli Batiweti, for the warm invitation, and I look forward to a very fruitful and productive discussions this morning. 
 
In the previous meeting, I had shared the Coalition Government’s broad priorities to steer the Fiji economy on the path of sustainable and inclusive growth. The National Economic Summit was a steppingstone to that vision. Ladies and Gentlemen, the Coalition Government successfully delivered one of its promises of a two-day National Economic Summit that was held at GPH last week. 
 
More than 500 participants attended the two-day National Economic Summit to deliberate on key issues and challenges and where they want to see Fiji in the long term. During this 2-day summit, we have met with a wide cross-section of the community and stakeholders from the private sector, civil society, academia and industry leaders to contribute towards this important policy dialogue which will help form the Government’s short, medium and long-term policies and strategies. 
 
I am very delighted with the outcome of the National Economic Summit and would like to thank all the stakeholders for their participation, constructive inputs and strategizing on key resolutions on the way forward for the country. The Summit agreed on 14 key resolutions that need immediate attention by the Coalition Government, which I will elaborate on soon. 
 
It is undeniable the important role private sector plays towards Fiji’s economic development. I am here to tell you that we all acknowledge your contributions. The Coalition Government stands to support and help you in every manner possible to facilitate growth of the private sector.
 
As I have mentioned already, we are dealing with a lot of challenges which needs immediate attention and remedial measures. Some of the key areas that the various stakeholders in the National Economic Summit highlighted were:
 
Ensuring a sustainable and inclusive economic growth;
Prudent fiscal management;
Addressing the rising cost of living problem;
Massive loss of skilled labor;
Decaying critical infrastructure;
Ensuring good governance and rule of law;
Investment towards human development;
Development of land and marine based economic activities;
empowerment of Fiji’s indigenous population; and
ensuring engagement of public dialogue towards policy making at the national level.
 
Sustainable Private-Sector Participation and Development 
Government envisions for a sustainable and resilient private sector to deliver economic transformation. It is most important that the Coalition Government works in genuine partnership with the private-sector, civil society organizations and other stakeholders to create jobs and raise our people’s income levels and living standards. To attain this objective, we will need a common ground of genuine policy dialogue, access to finance, streamlining regulations, and provide basic necessary infrastructure. We need to foster a culture that allows the private sector to flourish without any fear and bottlenecks. 
 
We call on the private sector and all sectors of the community to mobilize our domestic resources to diversify and reset the economy to achieve commercially oriented levels of productivity and competitiveness. The Coalition Government will create a safe and enabling business environment to ensure a smooth transition from public-sector led growth to a private sector led economic growth. 
 
Government will begin consideration and assessment on the suggestions received from the National Economic Summit and prepare the upcoming national budget based on the following resolutions: 
 
Government’s economic strategy to be focused on trusted leadership and good governance, improve the climate for private sector investment and business to thrive, building economic and climate resilience, and ensuring environmental sustainability; 
 
-restoring fiscal discipline in the management of public finances with revenue reforms and rationalizing expenditure to address critical operational and investment needs and ensuring value for money. Government aims to bring debt down to fiscally manageable and responsible levels (re-build fiscal space/buffers) and to engage actively with development partners to capitalize on funding and development opportunities; 
 
-noting that good governance demanded better accountability from the legislative, executive and judicial arms of Government to build economic confidence – the legislature to use its processes to build consensus and consistency of policy on important long-term issues such as health, education and key industries; the executive to be held legally and financially accountable for its actions and decisions; and for the judiciary’s work to become more efficient and timely; 
 
-prioritise human development including in the areas of health, education, housing, youth & women empowerment and poverty alleviation; to ensure better community representation in decisions relating to human development; 
 
-strategically focus on rural and outer island areas, providing them the infrastructure and resources needed to begin their own economic transformation; 
 
-urgently reviewing outdated laws holding back the development of land-based economic activities such as agriculture; ensure biosecurity and related support for exports; and build stronger institutional capacity to respond to the needs of agriculture, including developing the participation of women in agricultural activities; 
 
-There is a need for coordinated conservation and better regulation of fisheries to develop marine-based activities and a wider, community-based approach with additional focused support to improve commercial participation and sustainable commercialisation of Fiji’s marine resources; 
 
-Upgrade technology based education at all levels and to provide the necessary infrastructure to improve Fiji’s ability to innovate and create technological solutions and develop high-end technology; 
 
-Increase the engagement and empowerment of Fiji’s indigenous population in commerce and business in partnership with other communities and stakeholders; 
 
-prioritise the upgrading and maintenance of Fiji’s water, sewerage supply and waste management systems in urban centres throughout Fiji, with particular attention to the SuvaNausori corridor;
 
-focus on the importance of efficient and eco-friendly land, marine and transportation systems as critical to Fiji’s sustainable development;
 
-address the economic and social challenges created by a lack of consistent electricity supply and the need for greater electricity capacity and connectivity, to investigate more effective potential public private partnerships and to focus on renewable and climate resilient energy sources; 
 
-encourage evidence-based policy making as critical to decisionmaking, and Government to reinvigorate the institutional and planning machinery of each Ministry and its coordination and linkage to the national strategic development policy and planning machinery; and 
 
-agreed to continue the twelve (12) thematic working groups as a basis of continued consultation and dialogue.

These resolutions from the Summit will form the Government’s framework over the medium-term and act as a guiding principle for the upcoming National Budget. 
 
Let me reiterate, ladies and gentlemen, this is not the end. The Coalition Government will continue to ensure there is engagement from the public and private sector, civil societies, academia, and industry leaders towards national policy building. We are also requesting the public to make submissions for the upcoming budget. 
 
We will continue to maintain the good laws and amend the existing regulations to further streamline the burdensome regulatory processes to make it easier to do business.