Shania Shayal Prasad 
[Photo: Acting Prime Minister and Minister for Finance Professor Biman Prasad]
The private sector is expected to play a more active role in addressing the rising cost of living in Fiji, while also adopting fair pricing and improved operational efficiencies.
While speaking at the State of the Economy breakfast talanoa, Acting Prime Minister and Minister for Finance Professor Biman Prasad said that industries should no longer be shielded from competition through high import duties and restrictions, while charging consumers excessive prices.
As a small island economy, Prasad highlighted that Fijiβs future depended on competitiveness and efficiency.
[Photo: Participants of the Breakfast Talanoa Session]
He warned that continuing with business as usual, particularly in sectors that have been protected for decades, will not lead to sustainable growth.
βand we cannot continue with business as usual as we’ve done in the last 40 years. Some sectors have been protected for many, many years, and we still continue to protect them. We are also restricting imports.β
Prasad made it clear that government wanted to see greater efficiency across all sectors of the economy.
He added this aims to create a fairer environment where both producers and consumers can benefit from better pricing and increased competition.
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