SUNBIZ

Manufacturers Association Compliment Growth

The Fiji Manufacturers Association has acknowledged and complimented the Government for a strong economic performance in 2014. This follows the announcement the past week that GDP growth of 5.3 per
11 Sep 2015 14:18
Manufacturers Association Compliment Growth

The Fiji Manufacturers Association has acknowledged and complimented the Government for a strong economic performance in 2014.

This follows the announcement the past week that GDP growth of 5.3 per cent was recorded the past year compared to 4.7 per cent the previous year.

Association interim president, Daksesh Patel, said the economic growth of over five per cent was both pleasing and encouraging to note.

“This is particularly encouraging against the slower and somewhat low global GDP growth rate which is around two per cent,” he said.

“The FMA strongly feels the economic policy of encouraging local manufacturers and promoting Fiji made products will not only continue maintaining this good run.”

But, he said as evidenced, it will strongly contribute towards foreign exchange reserves which currently sit at a record high level.

“The FMA feels the strong economic recovery and growth rate is largely attributable to positive restructure of taxation policy,” Mr Patel said.

This, he said, encourages more savings for both the private sector and consumers which together provides additional capital for both investments and consumption within the economy.

 

Current policy

Mr Patel said the current economic policy of encouraging manufacturing, privatisation, sound fiscal policy coupled with record low interest rate was ideal environment for manufacturers to invest more in.

He said this makes Fiji the manufacturing hub of not only the Pacific but Oceania.

“FMA wishes to encourage Government to continue strong investment in Infrastructure to build more efficient services particularly in ports, roads, water and electricity,” he said.

“The FMA believes this capacity building must continue to encourage future investment within the economy to grow and prosper.”

 

Taking advantage

Given the current low interest rate/cost of capital the association strongly feels the Government must take advantage of this.

Mr Patel said Government can build the capacity in economy in terms of infrastructure which will facilitate future economic growth and activities.

“The FMA anticipates with enthusiasm for the Government to continue with these strong initiatives in the forthcoming 2015 national budget,” he said.

Subscribe to E-Edition
pacific island top up
Rewa Fiji Dairy Ltd
Subscribe-to-Newspaper
Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: