Innovation, Foundation to Development Plans: Abraham
Innovation must be the foundation of Fiji’s development plans. This was a statement by the Fijian Competition and Consumer Commission chief executive officer Joel Abraham during the knowledge economy lecture at the Grand Pacific Hotel yesterday.
Mr Abraham said to take this necessary approach, there were key directions that Fiji must take as a country;
We need to embrace digital advancements within our industries by incentivizing businesses that are looking to adopt or have already adopted technology-driven transformation initiatives.
We must also look beyond traditional markets and explore opportunities overseas through international trade agreements which allow access to local markets while simultaneously protecting jobs in our own country.
As a nation, Fiji is also blessed with an abundance of creative people and there is no reason we shouldn’t harness this natural ingenuity, ensuring our citizens can be productive members of society living successful lives.
We need to empower our citizens and unleash their creativity by investing heavily in training programs that open doors for them to greater educational or entrepreneurial opportunities.
Mr Abraham said by valuing and nurturing people’s creative and intellectual abilities, ‘we are promoting innovation, with an eye towards accountable and ethical technical and scientific progress’.
Existing businesses have a critical role play, as well, in Fiji’s economic progress.
“On that note, we will explore how businesses can take advantage of governmental policies in order to help strengthen their footing in today’s economy.”
FCCC will also look at the benefits and such policies not only for businesses but also for society as a whole.
Mr Abraham was confident that by better understanding these mechanisms, more effective strategies for combating economic challenges could develop.
He said careful consideration should be given towards investing resources into technology startups that could create jobs locally, at the same time bringing forth financial prosperity from abroad.
“Finally, better trade negotiations need to take place between neighbouring countries so overall, economies don’t suffer from high tariffs which discourage investment and consumption habits across borders thereby leading to job losses in some industries.”
Along with a healthy dose of caution, Mr Abraham said the country must be bold and ensure that forward-looking dynamic initiatives were implemented in a timely manner.
“What will keep us from progressing is staying static and being averse to change.
“A stagnant economy is a dead economy, and taking measured risks demonstrates courage.”