Grow revenue by boosting investment – Sen
POLICY certainty and a stable business environment are critical to attracting investment and growing Fiji’s gross domestic product. This was discussed by ANZ International economist Dr Kishti Sen and ANZ country head for Fiji Rabih Yazbek in an interview with The Fiji Times at the ANZ House in Suva this week.
“The investment pipeline is very healthy, and we need to get this 600 million-odd of investment that’s been lined up, to execution. Sometimes approval processes can take long and by the time investors do get approvals the cost of the project has gone up by several million dollars and is no longer feasible for the investors,” Dr Sen said.
“I think what the government should concentrate on is trying to bring the investment pipeline to execution. Reduce all the red tapes so these investors that are willing to put money in and create jobs, are able to get on with it.”
Dr Sen believes growing revenue by boosting investment will open up more options in terms of reducing budget deficits for Fiji.
Mr Yazbek added that investors prioritise projects in countries with a reasonable level of policy certainty, and multiple drastic policy changes without due discussion and consultation could “spook” investors.
Additionally, the two experts agreed that changes need to be presented well to all relevant stakeholders and potential investors in terms of clarity and transparency to ensure investor interest remains.
“Look, the government has said all the right things: that they will be responsible with their consultation plans, and that it’ll be something that will be done over the medium to long term, and I hope they stick to it,” Dr Sen emphasized.