[ Source : Fiji Government/ Facebook]

Finance Minister Professor Biman Prasad says the private sector has the potential to act as the primary driver and engine of growth.

Prasad led the discussion on Pacific private sector development at the 34th Pacific DMCs Governors and ADB Management meeting

He says private sector development is critical for the long-term sustainability of the Pacific countries, particularly in the aftermath of the pandemic when Governments have limited scope to support the economy due to high debt.

Prasad also encouraged ADB to facilitate the flow of reliable and affordable financing to the private sector through local currency financing and allocating more resources on the ground, closer to governments and clients.

He says this will help address binding constraints and support viable project proposals.

Prasad highlights the lead role of governments in developing the private sector, with support from development partners.

He says it is important to create confidence and an enabling environment through the fair application of the rule of law, efficient processing of submissions, and ensuring a level playing field.

Expressing concern over the Pacific’s decline in terms of the ease of doing business index over the years, Prasad highlighted ADB’s significant contributions in this area.

The Deputy Prime Minister says there is a need to continue building momentum by assisting the Pacific in creating the right environment.

This he says includes undertaking necessary regulatory reforms, removing bottlenecks and red tape, establishing appropriate infrastructure, and implementing favourable tax laws and incentives.

Approximately 12 Pacific ADB Governors/Ministers, including the ADB President, participated in the meeting chaired by Samoa.