[Photo: SUPPLIED]

Fiji must move away from a narrow economic base and use innovation to create new industries, businesses and jobs, says Reserve Bank of Fiji Governor Ariff Ali.

Speaking at the launch of the Fiji Innovation Hub’s physical space at the RBF, Ali says Fiji cannot rely indefinitely on a narrow range of economic activities.

He states there is a need to broaden the sources of economic growth, encourage entrepreneurship, develop new industries and new business models, and increase productivity.

Technology, according to him, is already changing how people save, borrow, invest, make payments and run businesses.

Ali says young people must also be given opportunities to become job creators.

“We should, of course, continue creating good jobs. But we should also create an environment where young people can become job creators and not just job seekers.”

Ali says, this is where the Innovation Hub can play a role by giving entrepreneurs a space to develop ideas, find support and build connections.

The Hub, according to the RBF Governor, grew from discussions between the Reserve Bank, UNDP and other development partners, before becoming a wider collaboration involving the private sector and innovation community.

He says the initiative is supported through the Pacific Digital Economy Programme, with support from the European Union, Australia and New Zealand. But Ali says the launch is only the beginning.

His vision is for the Fiji Innovation Hub to become a place where ideas find opportunity, innovation finds support, entrepreneurs find community, and the solutions of tomorrow are built today.

Ali adds that Fiji has made progress in building its digital and financial infrastructure and supporting entrepreneurs, but more work is needed to strengthen the innovation sector.