NEWS

Business Sector Hails 5.3% Growth

The business sector yesterday joined Minister for Finance Aiyaz Sayed-Khaiyum in welcoming the economy climbing through the five per cent growth barrier. Mr Sayed-Khaiyum, who is also Attorney-General, said the
06 Sep 2015 14:16
Business Sector Hails 5.3% Growth

The business sector yesterday joined Minister for Finance Aiyaz Sayed-Khaiyum in welcoming the economy climbing through the five per cent growth barrier.

Mr Sayed-Khaiyum, who is also Attorney-General, said the achievement was an important psychological boost.

“Fiji is clearly in the throes of a golden age. For the economy to grow by 5.3 per cent last year exceeds all expectations and is a remarkable achievement considering the stagnant conditions in much of the region and especially larger economies like Australia.

“It shows that Fiji is powering ahead and confidence in the country is high, largely because of the sound economic policies and decisive leadership of the FijiFirst Government and confidence in our new democracy,” he said.

The president of the Fiji Hotel and Tourism Association,  Dixon Seeto, said the result paved a way for more investors to venture into our shores.

“This is great news and it’s a result of economic activities occurring in our country and it’s a good sign.

“This growth has been led by Government’s economic policies backed by business activities and investment in the country.

‘We need more business activities in the country in order maintain economic growth in Fiji,” Mr Seeto said.

He said there were many combinations of factors in a package that could be done to increase economic growth.

“There is great need for Fijians to start using their land in order to help our agricultural sector,” Mr Seeto  said.

Fijian Holdings Limited chief executive officer, Nouzab Fareed, said the result wasn’t  a surprise.

“We are pleased with the way Government is heading,” Mr Fareed said.

“It’s a great thing to have an economic growth but it’s another story to maintain that growth and we hope Government will work towards maintaining this growth,” he said.

The Bureau of Statistics released  the 2014 provisional figures on our Gross Domestic Product (GDP).

“The biggest driver of growth was the transport sector (up 1.9 per cent for the year) and there were solid gains in the financial and insurance sector (1.2 per cent), public administration and defence (0.7 per cent) manufacturing ( 0.3 per cent) and education ( 0.3 per cent.)However, agriculture was down 2.4 per cent because of falling production of taro, yam and coconuts. And the mining sector recorded zero growth in 2014.

Mr Sayed-Khaiyum said Fijians could look forward to an even better performance this year, with increasing stability and confidence in Fiji’s future.

“All indications are that, if anything, the economy has picked up speed in 2015. Can we break the six per cent barrier? We believe it’s a strong possibility with more opportunities and conditions for growth to occur.

“We need to remain focused on managing the economy to the highest possible standard and also ensure that the benefits of prosperity filter through the community to those who need it most.

“If we can achieve such strong growth in such a short period of time, imagine the possibilities we have as a nation if we remain focused on working together under the strong leadership of the Prime Minister, whose Government is providing the environment for growth for the benefit of all Fijians,” the A-G said.

Fiji Taxi Union’s president, Rishi Ram, said: “We are thankful to the Government of the day for the tremendous effort they have shown in developing our economic sector and we also hope that they will continue to work with us in the developments of the transport sector especially for our taxi operators.”

 

Feedback:  arieta.vakasukawaqa@fijisun.com.fj

 

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