A senior economist focused on the Pacific has emphasized the need for Pacific Island leaders to assertively communicate that their countries are significant participants in global trade and security, rather than being viewed as mere afterthoughts. Kishti Sen, the senior Pacific economist with the ANZ Group in Sydney, expressed concerns that the global community has long concentrated on promoting good governance in these nations without addressing their urgent need for improved living standards.
Sen highlighted essential areas requiring attention, including the development of resilient infrastructure suitable for climate events, enhancing connectivity to the wider world, and boosting agricultural practices to elevate farmers’ incomes. He urged that lower utility costs and better market access for local products are crucial for fostering growth in the region.
As world leaders increasingly recognize the importance of a stable, prosperous Pacific, Sen called for wealthier trading partners to expedite development efforts, creating mutually beneficial outcomes. He pointed out the challenges faced by Pacific governments, which often have limited capacity to finance extensive developmental projects independently.
While participating in the ongoing US-Pacific investment summit in Honolulu, themed ‘The Pacific Agenda: Investment, Security and Shared Prosperity,’ Sen reiterated the importance of attracting investments. He encouraged Pacific leaders to simplify the investment landscape, as numerous potential opportunities exist for both local and international investors.
However, Sen noted that cumbersome regulations often hinder these opportunities by prolonging project approvals and complicating land acquisition for development. He stressed the necessity for a more effective relationship between investors and regulatory bodies to streamline processes, asserting that simplifying these bureaucratic hurdles is vital for making the Pacific an attractive destination for investment. Ultimately, advancing investments can aid Pacific Island countries in overcoming resource limitations and fostering sustainable development, paving the way for a brighter future.
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