Fiji needs to tap into Asian markets
August 18, 2015 7:09 pm
Fiji needs to tap into other Asian economies to maintain its growth momentum as its traditional partners New Zealand and Australia face slow growth.
Westpac Australia Senior Economist Justin Smirk says it’s time to look outside our traditional markets and forge new trading partnerships.
The New Zealand economy is experiencing a slow down due to a decrease in milk prices and the slow structural re-building of Christchurch which was devastated by earthquakes in 2011.
Smirk says indications are that the New Zealand economy will slow down quite dramatically this year.
However, he says despite this New Zealand will continue to actively trade with Fiji.
“I guess what is more I am trying to say is not the issue of move away from Australia and NZ that would be very hard to do but more like take advantage of opportunities creating new growth because Australia and New Zealand will not be growing as fast as in the past they have and if you just depend on them your growth will be limited – you’ll have to sort of try shave out more market share.”
Smirk says on the other hand the Asian economies have been progressing well and there are more travelers from that part of the region.
He says it is in the best interest of Fiji to continue to find new markets.