Collaboration needed to better Fijian economy
July 5, 2020 8:30 am
Chief Executive Kameli Batiweti. [File Photo]
The Fiji Commerce and Employers Federation believes businesses will need to work together for the betterment of the Fijian economy.
With the Reserve Bank of Fiji stating that the economy is projected to contract by 21.7 percent this year, the Federation adds it’s not the time for the blame game.
Chief Executive Kameli Batiweti says the trickle-down effects of COVID-19 are being felt by businesses, with the Fijian economy forecast to see the most severe contraction in our modern history.
“So if there is a lack of demand, they have to cut back on their supply, which means they cut back on the number of people who will work to provide the supply that’s needed at that time. This is a temporary issue that’s here right now. We don’t know how long the effects of this 21.7 percent contraction will affect us but I think it’s in the best interest of everyone to start talking together”.
The effects of the current business climate will vary on businesses, depending on their size and nature of operations.
FCEF Executive Officer Victoria Yee says they’re putting together recommendations for its members, to help them stay afloat during these trying times.
“Sustainable infrastructure we are asking the involvement of business in the assessment of opportunities at the local level. This is to ensure that there is a sustainable infrastructure right now, that’s what needed for the businesses. Investment is needed right now in the economy, as you’ve in the RBF findings yesterday so we need that support”.
The Federation is collaborating with Business Link Pacific to foster the implementation of a Business Continuity Plan to maintain viability.