NEWS

Businesses Urged To Refocus Strategies Amid Global COVID-19 Outbreak

In this regard, Fiji does not work in isolation, but our economy is linked to developments at the global level. My Ministry is acutely aware of any negative impact that may be felt or escalated to the private sector and is planning measures to minimise any consequential impacts.
06 Mar 2020 16:47
Businesses Urged To Refocus Strategies Amid Global COVID-19 Outbreak
Premila Kumar.

The Minister for Industry Trade and Tourism wishes to advise all industry members to use this opportunity to minimise any possible disruption to business that would be caused by the global outbreak COVID-19.

Two days ago the Organisation for Economic Cooperation and Development (OECD) stated that the global growth for 2020 is expected to fall to 1.5%, far less than the initial forecast of 3%.  If the outbreak of COVID -19 sweeps across the Asia-Pacific region, Europe and North America, analysts expect a zero to negative global growth in quarter 2 of 2020, whilst some are forecasting a potential global recession before the end of 2020.

In this regard, Fiji does not work in isolation, but our economy is linked to developments at the global level.  My Ministry is acutely aware of any negative impact that may be felt or escalated to the private sector and is planning measures to minimise any consequential impacts.

We cannot continue business-as-usual but need to prepare for all scenarios. As Government, we are looking at measures and policy interventions to ensure that the Fijian economy remains buoyant.  The private sector needs to also develop new and innovative ways to continue their business until this global phenomenon begins to subside.

The Ministry is working with the Ministry of Health on a regular basis and is part of regular Committee that provides updates and monitors the status of COVID-19.

By refocusing efforts inwardly, such as, domestic travel and investments, supplying to domestic and regional markets would enable businesses to continue operating and ensure COVID-19’s impact remains minimal.

The Hon. Minister urged businesses to relook at their current strategies and realign resources to manage the expected shortfall COVID-19 has triggered globally. Concern is growing over the economic damage caused by the Coronavirus globally and Fiji must prepare itself for the worst time ahead of us.

In this regard, the Minister for Industry, Trade and Tourism has begun a series of consultations with the stakeholders on future plans and where Government intervention is required to curtail the negative impact on our economy.

We will commence face-to-face industry meeting next week, where industry associations will provide updates on their preparedness and identify possible areas where support and policy measures could be considered.

Feedback: rosi.doviverata@fijisun.com.fj

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