Deputy Prime Minister and Finance Minister Professor Biman Prasad has reaffirmed the Fijian government’s commitment to balancing the protection of local industries with the need to maintain affordable prices for consumers. Speaking during the Post-Budget Forum, he outlined the economic support mechanisms such as tariff protections and duty reductions that are intended to benefit the public.
Local businessman Chandu Lodhia raised concerns over rising prices for essential goods, attributing these increases to strict import regulations and reliance on costly suppliers. In his response, Professor Prasad acknowledged that many longstanding biosecurity rules may no longer fit the evolving global supply landscape, emphasizing the need for an updated approach.
He stated, “We understand the historical context of these laws, but as the market has become more complex and diversified over recent decades, it’s vital to reassess these regulations.” Professor Prasad emphasized that the government anticipates local industries to balance protection from foreign competition with fair pricing and adequate supply for consumers, noting that protection should be temporary.
The Minister also mentioned that the government is actively working to modernize import policies and biosecurity measures. This includes diversifying import sources to promote competition, ultimately aiming to lower costs for consumers and yet still support local producers.
These initiatives resonate with previous efforts where the government encouraged competitiveness and operational efficiency among Fijian businesses. The framework established by past budgets, including tariff reductions and increased social assistance measures, proves that there is a continuous dedication to improving the quality of life for Fijian citizens.
A collaborative spirit between the government and private sector has emerged, signaling an optimistic outlook for Fiji’s economy. These reforms aim not only to alleviate immediate financial pressures but also to build a more resilient and inclusive economic landscape for the future.
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