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SPSE AWARDS: Need For A Vibrant Capital Market

SPSE AWARDS: Need For A Vibrant Capital Market
Acting Prime Minister and Minister for Economy Aiyaz Sayed-Khaiyum (fourth from left), with award recipients during the SPSE Annual Awards at the Grand Pacific Hotel on October 6, 2017. Photo: Vilimoni Vaganalau
October 08
11:47 2017

These developments have allowed several new players such as Fiji Ports Corporation Limited to be listed and be available for people to invest.

“The idea is to get the right strategic partners to be able to take advantage of the enormous and sustain the economic growth that we have had.

“We now have eight years of consecutive growth in Fiji which is unprecedented,” he added.

Growth opportunity

Recent economic data indicates growth in the economy.

“The opportunity is very right, the environment is very right for not only companies that are listed, but also for those that are not listed to be able to participate in this growth,” Mr Sayed-Khaiyum said.

“With 69.4 per cent of the Fijian population being under 40-years-old, there is enormous opportunity for young Fijians to participate in the growth of the economy.

“A growing capital market, also breeds in specialisation in this new investment environment.

“It creates not only job opportunities. The youngsters offer bring in new professionalism and new knowledge base, which is critical for us to actually take advantage of in this growth rate,” he said.

“These developments are critical for a country, as it needs to provide economic empowerment for economic growth.

Equal opportunity

“The payoff of these developments has resulted in reducing inequality in Fiji compared to the other five countries in the Asia-Pacific region.

“The right type of intervention by Government through its social economic sectors and providing a conducive environment for business to actually have confidence to invest have helped achieve this equality,” he said.

He also cautioned about the impact of climate change on the economy.

“As the Reserve Bank will tell you, if you look at the inflation graphs for the past seven years or so, you’d see that we had huge peaks precisely for two reasons – world fuel price and cycles or floods.

“When we have cyclones and floods it can really throw you off your path, even for a small country like ours.

“Within this climate change framework there is also opportunities for businesses,” he said.

There was also mention of the need for renewable resources to be explored.

He said the many possibilities that one could take advantage of is the renewable energy space.

“As announced in the budget, we are looking at Green Bonds, which we are hoping for with the assistance of the Governor of the Reserve Bank and his team,” he said.

Mr Sayed-Khaiyum ended his address by thanking the stock exchange for the critical role it played to maintain its credibility.

He reminded the staff of SPSE to maintain their credibility to allow investors to invest in listed companies.

“We want people to be able to make money, be able to be transparent and be able to pay the right amount of tax. If everybody follows this, we can create more opportunities for everybody else.”


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