SUNBIZ

Fiji Has Enormous Potential To Enhance Pacific Hub Status

Mr Sayed-Khaiyum said it was essential for any modern economy to have a sound capital market and Fiji has enormous potential for that growth.
27 Jun 2019 10:57
Fiji Has Enormous Potential To Enhance Pacific Hub Status
From left: Reserve Bank of Fiji Governor Ariff Ali, South Pacific Stock Exchange (SPX) chief executive officer Krishika Narayan, Minister for Industry, Trade and Tourism Premila Kumar, Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum, SPX chairperson Nur Bano Ali and SPX deputy chairperson Saiyad Hussain in front of the newly-launched Stock Ticker Display Screen at the SPX office at Victoria Parade, Suva, on June 14, 2019.

Fiji has enormous potential to again further enhance its hub status in the Pacific.

This was highlighted by Attorney General and Minister for Economy, Civil Service and Communications Aiyaz Sayed-Khaiyum when opening the South Pacific Stock Exchange (SPX) new office on Friday, June 14.

Mr Sayed-Khaiyum said it was essential for any modern economy to have a sound capital market and Fiji has enormous potential for that growth.

“The Government is playing their own part as you know that recently the Energy Fiji Limited (EFL) divestment we have already got 5 per cent reserved for domestic account holders,” Mr Sayed-Khaiyum said.

“SPX also plays a role in its registry so they are the ones that are now responsible for the dividend payout which EFL is using.

“We hope to have a partial divestment completed by the month of July which will mean a much easier path for the listing of the company.

“They are a major energy company, the only energy company in Fiji that have access to over a billion dollars that will be listed in the South Pacific Stock Exchange.

Fiji will be hosting the World Exchange Congress in 2020 for the first time.

“Already from the financial market perspective, the communication perspective, Fiji plays a critical role within the region itself,” he said.

“We hope that we are able to reach out to other Pacific island countries because there is more potential there and Government has of course provided various incentives in that aspect and we hope to provide even more and further consolidate Fiji’s position as hub of the Pacific.

“Optics is very important in respect to a modern economy.

“Today’s launch is great because you have contributed to the optics of Suva as we look forward to hosting the World Exchange Congress.

“I urge other shareholders of the SPX to participate in a lot of activities and step up and be less state dependent. We want the capital market to grow in Fiji.

“I encourage the SPX board to convince shareholders to be more active contributing to the growth of the company.”

It will be a historic event and a milestone for Fiji as the Congress is anticipating 450 attendees representing the entire exchange ecosystem from 60 countries that will be held in June 2020.

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