MINISTER FOR COMMERCE, TRADE, TOURISM & TRANSPORT HON. FAIYAZ KOYA'S PUBLIC LECTURE AT THE FEMM 2022 PUBLIC LECTURE EVENT - “RESETEM BLUE KONTINENT EKONOMI: BUILDING A RESILIENT BLUE PACIFIC”

Honourable Ministers
Senior Officials
Representatives of International Organisations
Representatives of CROP Agencies
Excellencies
Distinguished Participants
Ladies and Gentlemen
 
Bula vinaka and good evening to you all!
 
The socio-economic impacts of COVID-19 have significantly impacted economies in our Pacific region.  The impacts have been felt right down to our grassroots communities and marginalised citizens as the global pandemic wreaked havoc in our already vulnerable communities.
 
Certainly COVID-19 exacerbated existing challenges facing developing Pacific economies, already hindered by isolation and highly vulnerable to disaster and climate change risks. Atop these challenges, investors and governments alike are often faced with high infrastructure and rebuilding costs. 
 
COVID-19 has exposed complexities and challenges that will continue to impede pathways for effective economic recovery and resilience of our economies to be able to cushion potential fiscal shocks. 
 
Our Forum Leaders have endorsed the 2050 Strategy for the Blue Pacific Continent and the collective strategies for effective economic recovery and building resilient economies reinforces the need to strengthen regionalism and leverage greater opportunities for economic progress with our partners. 
 
The theme for this year’s Forum Economic Ministers Meeting is “Towards a Resilient Economic Recovery and Stability”.  Indeed, our aspiration is to foster resilient economic recovery strategies that are not only impactful but fully comprehend all the challenges that we have faced to reset, reorient and pivot to a way forward that is inclusive, fit for purpose and perfectly designed to suit our Pacific context.
 
In the same manner, we can drive economic acceleration in our key sectors to achieve pre-COVID growth levels.  For countries that have had to borrow heavily to cope and adapt to the impacts of COVID-19, we must re-evaluate funding approaches and shift away from blue and green debt financing to blue and green grants and budget support to sustain our growth.
 
In this manner we kill two birds with one stone; we contain our debt levels, and we still pursue our blue and green agenda.  We note with interest New Caledonia’s interventions on their energy transition and decarbonisation efforts, and we should all be moving in that direction.
 
If there be one thing that COVID-19 has taught us, it is that ‘Business as Usual’ is not going to protect us from global and regional economic shocks—but we can rely on the power of collective strength and it is my firm belief that this solidarity and political will is what will ensure our Blue Pacific can achieve the regional reset required to advance our development aspirations.
 
I thank you.