BPO sector can assist in debt reduction

June 9, 2024 12:46 pm

Minister for Trade Manoa Kamikamica

The Trade Ministry is open to new investments in the Business Process Outsourcing sector to assist in the reduction of the nations debt exposure.

This was highlighted by the Minister for Trade Manoa Kamikamica when asked about the support provided to the fast-growing outsourcing sector.

Kamikamica says with continued government support the BPO sector is contributing about $200m in foreign investment.

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He says the BPO sector is expected to grow positively in the next few years.

“The country has it has a lot of potential so we will just try to continue to grow the economy once we do that successfully we will bring the debt exposure down in terms of debt to GDP.”

Outsource Fiji Executive Director Sagufta Janif says Fiji can leverage from the sector’s growth.

“The global market for outsourcing services was valued at $620 billion US dollars in 2022 it will expand at compound annual growth rate of 5.5 percent during its forecast period and this will result in total market size of around US 900 billion dollars by 2027.”

Janif adds in order for Fiji to achieve greater investment in this sector necessary improvements have to be made.

She adds that in the next five to eight years the outsourcing sector is looking at creating 25, 000 jobs in Fiji’s economy however proper infrastructure are needed to cater to this growing market.

With Starlink and GOOGLE entering the Fijian markets the BPO sector can achieve increased connectivity which will lead to GPD growth.