Koya: Firms adapt to digital change
MANY companies in Fiji have evolved their business models and have transitioned to digital space to overcome the disruptions caused by the pandemic.
According to the Minister for Commerce, Trade, Tourism and Transport Faiyaz Koya while delivering his speech at the Pacific ACP Trade Ministers Meeting yesterday this digital transition would have a lasting impact on the lives of people and ensure business continuity in future despite disruptions.
“Since there is an accelerated shift towards digitalisation and the adoption of new technologies, Aid for Trade should be strategically directed to micro, small and medium enterprises (MSMEs) to address business-related adjustment needs,” he said.
“This should include upskilling and reskilling of MSME workers and entrepreneurs to enable them to compete and thrive in the post-pandemic economy.
“Tourism has undoubtedly been one of the most important economic sectors for our region, but the pandemic has exacerbated issues already presented to us by climate change.”
Mr Koya said according to a recent report published by UNCTAD, tourism suffered a loss of more than $4 trillion to the global GDP for 2020 and 2021.
He said this loss had rippled across other sectors closely linked to tourism.
“While experts state that return to pre-COVID-19 international tourist arrival levels is unlikely before 2023, we have to continue efforts towards making international travel a safe possibility.
“We must build-essential foundations to digitalise travel-related measures, such as testing, contact tracing and vaccination passports to promote safe travel and prepare for the recovery of tourism once conditions allow.
“This could promote mutual recognition of COVID-19 test results and vaccines, and help establish safe travel corridors between countries.
“The rapid return of our tourism industry is vital to the region’s recovery.”
Mr Koya added they were in the middle of the most challenging period which the world had faced and they could not afford to slow down.
“We must seize the opportunities that are available to us. We must remain open to the world of possibilities. As the world transforms, so must we,” he said.
The pandemic was said to serve as an important lesson and the recovery must be green, resilient, inclusive, and sustainable as stated by Mr Koya.
The adoption of technology was also said to be no longer an option, but an imperative and amid slowing economic activity, COVID-19 had led to a surge in ecommerce and accelerated digital transformation globally.