Fiji Commerce and Employers Federation (FCEF) CEO Edward Bernard has urged for enhanced protection of local industries, indicating that the recent 2025–2026 National Budget could have offered stronger measures to shield these sectors from external economic disruptions. He highlighted the significance of domestic industries, which contribute substantially to employment, trade, and government revenue, as they also play a critical role in foreign reserves generation.
Bernard expressed concerns over the upcoming adjustments in tariffs initiated by the US and the potential implications of signing the Pacific Agreement on Closer Economic Relations Plus (PACER Plus). He emphasized the need for the budget to provide a foundation for economic stability amid global uncertainties, which could help local manufacturers and farmers navigate potential challenges ahead.
This aligns with the views of other economic experts who have discussed the need for constructive fiscal policies to bolster private sector confidence. For instance, ANZ Pacific Economist Kishti Sen has remarked on the necessity of policy certainty within the budget to encourage both local and foreign investment, highlighting the potential for reduced debt-to-GDP ratios if economic strategies are effectively implemented.
Furthermore, the government is actively working to foster a competitive environment where local industries can thrive. Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, has emphasized the importance of operational efficiency and fair pricing within the private sector to combat rising living costs. Efforts to support essential industries through various initiatives, such as expanded VAT exemptions on essential goods and bolstered assistance to micro and small enterprises, reflect a collaborative approach aimed at enhancing economic resilience.
The proactive measures and ongoing discussions surrounding Fiji’s national budget reflect a commitment to fostering a robust economic framework that supports local industries while dealing with external pressures. This encourages a hopeful outlook for the future as the nation continues to seek balance amid global economic fluctuations, ultimately paving the way for a more self-sufficient and sustainable economic landscape.
Leave a comment