The Deputy Prime Minister and Minister of Finance, Professor Biman Prasad, emphasized the necessity for enhanced collaboration between academic researchers and policymakers to foster economic growth in Fiji. His remarks were made during the opening of the 3rd Reserve Bank of Fiji, Asian Development Bank Institute (ADBI), and Asia Pacific Applied Economics Association (APAEA) Conference held at the Grand Pacific Hotel in Suva.
The conference aimed to unite policymakers and economists to discuss how evidence-based research can inform effective policy-making for Fiji and the broader Pacific region. Professor Prasad highlighted the significance of translating academic research into practical policies that lead to real improvements for the populace.
He pointed out that “good politics is not necessarily good policy,” underscoring the essential connection between research, policy, and politics. According to him, the true value of academic research lies in its ability to influence policy rather than merely result in published papers. He commended the collaboration among the Reserve Bank of Fiji, APAEA, and ADBI, stating it has contributed to greater confidence in Fiji’s economic trajectory.
In addition, he reiterated Fiji’s aspiration to attain high-income nation status by 2050, stressing the need to rethink traditional strategies to reach this objective. He described the relationship between monetary and fiscal policy as crucial to the economic framework, urging conference participants to continue producing research that merges economic theories with practical implementations. This, he believes, will lead to evidence-based policies that enhance the quality of life in Fiji and the surrounding region.
Overall, this conference represents a pivotal opportunity for dialogue and learning that can pave the way for a brighter economic future for Fiji. By bridging the gap between research and policy, Fiji can better navigate the complexities of its economic ambitions and work towards sustainable growth.
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