SUNBIZ

Acting PM Urges Private Sector To Invest In People

Acting Prime Minister Aiyaz Sayed-Khaiyum has offered the private sector business advice: Invest more in people devel­opment. It is an area Mr Sayed-Khaiyum said Fiji’s private sector has lagged behind
30 Sep 2018 13:34
Acting PM Urges Private Sector To Invest In People
Winners... The winners in the grand awards category to recognise industry participants at the South Pacific Stock Exchange annual awards at Suva’s Grand Pacific Hotel with Acting Prime Minister and Attorney-General Aiyaz Sayed-Khaiyum on September 28, 2018. Photo: Simione Haravanua

Acting Prime Minister Aiyaz Sayed-Khaiyum has offered the private sector business advice: Invest more in people devel­opment.

It is an area Mr Sayed-Khaiyum said Fiji’s private sector has lagged behind in, usually looking to Gov­ernment to take the lead.

His comments came at Friday’s South Pacific Stock Exchange (SPSE) annual awards at the Grand Pacific Hotel in Suva, where he was the chief guest.

It is the second time this month he has criticised the private sector.

At the Business 2025 forum in Suva, Mr Sayed-Khaiyum said some local businesses were too slow to adopt new technology.

He told the forum this stemmed from some businesses taking a “di­chotomous” approach to achieving things and that their “inability to look inwards had restricted the pri­vate sector in Fiji.”

“There are a number of areas in the Fijian economy where we do not have people with the right skill sets,” he said at the awards ceremo­ny.

“We’ve had nine years of sustained economic growth, but we will lose that momentum if we do not have the professionals that we require in the right areas of the economy.

“It means that not only Govern­ment should invest in the future of our country, but also the private sec­tor.

“I think that’s one area the private sector, with respect, is lacking in.”

He also urged businesses to take advantage of the brand “Fiji” had become.

“Our honourable Prime Minister is the president of COP23 and we must economically and financially take advantage of where he has pro­pelled us to.”

The stock exchange currently has 20 listed companies, but Mr Sayed-Khaiyum believes there should be more.

He said: “There is enormous po­tential in the South Pacific Stock Exchange.

“There are a number of companies in Fiji at the moment, in particular family-owned companies that have been around for generations, that are ripe to be listed.

“I urge those companies to please consider that (being listed).”

The Awards

The SPSE held its annual awards night on Friday, giving out 11 wards to both listed and unlisted compa­nies.

Two awards were given under SPSE’s national essay compeition, launched to create awareness about Fiji’s billion dollar capital markets.

The ceremony’s grand awards rec­ognised and rewarded industry par­ticipants.

Its annual report awards assessed, evaluated and rewarded annual re­ports of listed companies and un­listed organisations.

“The multiple motives this year for the 2018 annual awards has once again been to promote and inculcate a culture of quality disclosure by organisations listed and unlisted through their Annual Reports,” SPSE chief executive officer Kri­shika Narayan said.

“With a great response from the listed companies as well as other un­listed organisations and the general public, the SPSE takes immense pleasure in knowing that the busi­ness world is seeing the value and guidance that the SPSE, as the front-line regulator of thestock market.”

Feedback: sheldon.chanel@fijisun.com.fj



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