Minister for Commerce and Trade Faiyaz Koya highlighted COVID-19 exacerbated existing challenges facing developing Pacific economies.
The impacts of COVID-19 has been felt right down by grassroots communities and marginalized citizens.
Speaking during the economic minister’s meeting, Minister for Commerce and Trade Faiyaz Koya highlighted COVID-19 exacerbated existing challenges facing developing Pacific economies.
These economies are already hindered by isolation and are highly vulnerable to disaster and climate change risks.
Koya says apart from these challenges, investors and governments alike are often faced with high infrastructure and rebuilding costs.
“COVID-19 has exposed complexities and challenges that will continue to impede pathways for effective economic recovery and resilience of our economies to be able to cushion potential fiscal shocks.”
Koya adds the Forum Leaders have endorsed the 2050 Strategy for the Blue Pacific Continent.
He says the collective strategies for effective economic recovery and building resilient economies reinforces the need to strengthen regionalism and leverage greater opportunities for economic progress with our partners.
The theme for this year’s Forum Economic Ministers Meeting is “Towards a Resilient Economic Recovery and Stability”.