RBF recog­nises po­ten­tial in min­eral wa­ter, gar­ments among other sec­tors

Fiji Sun - - Business - RACHNA LAL Feed­back: rach­nal@fi­jisun.com.fj

The cen­tral bank has recog­nised there is big po­ten­tial for in­creased pro­duc­tion, value ad­di­tion and ex­ports in sec­tors such as min­eral wa­ter, gar­ments, tim­ber, min­ing, man­u­fac­tur­ing and SMEs. The Re­serve Bank of Fiji Gover­nor, Barry White­side, stressed at the Pa­cific Up­date Con­fer­ence at the Univer­sity of South Pa­cific yes­ter­day. Mr White­side noted us­ing the ex­am­ple of Fiji Wa­ter ex­ports which was cur­rently the num­ber one pre­mium brand of wa­ter sold in the US. “Ex­ports have risen over 60 per cent over the past five years to around $200 mil­lion and are set to grow fur­ther with the re­cent ad­di­tion of a third pro­duc­tion line,” he said. “In ad­di­tion, the com­pany has also started a large fruit farm for man­goes and paw­paws in its own di­ver­si­fi­ca­tion ef­forts.”

Gar­ment in­dus­try

In ad­di­tion, Mr White­side noted the gar­ment in­dus­try has al­ready delved into niche prod­ucts such as de­signer and sports­wear.

“It is quickly re­al­is­ing the ben­e­fits from these high-end prod­ucts, rak­ing in over $100 mil­lion an­nu­ally,” he said.

“Value-added pro­cess­ing of our lo­cal tim­ber es­pe­cially ma­hogany and other in­dige­nous hard­wood re­mains un­tapped, con­strained mainly by sup­ply-re­lated is­sues.

“Our min­ing sec­tor also of­fers bet­ter ben­e­fits to the coun­try with sub­stan­tial for­eign in­vest­ments geared to the ex­trac­tion of new gold ore and iron sands re­sources ex­pected to come on stream in medium term.”

Newspapers in English

Newspapers from Fiji

© PressReader. All rights reserved.