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Fiji Time: 12:55 AM on Thursday 24 April

/ Front page / Business

Business thumbs up

Repeka Nasiko
Monday, November 12, 2012

AFTER a year of ups and downs in Fiji's economic development marred by natural disasters, a changing global economy and political changes, the local business community have remained resilient in the ever changing backdrops to carry the country's economy forward.

This was a view of Fiji's President Ratu Epeli Nailatikau as he commended some of the country's top private and public bodies for continuing to remain successful despite the struggles the country had gone through.

Addressing a crowd of representatives from various organisations in the country at the Sheraton Fiji Resort on Saturday night, Ratu Epeli commended the group for its achievements throughout a tough year.

"Tonight's celebration signals to the wider business community that there is reason to celebrate, because tonight we are not only acknowledging diversity, innovation and business excellence, but also the resilience and solidarity of the business community as they persevered and progressed through the year despite the adversities," Ratu Epeli said.

"Despite being affected through damage to cane and to other crops following two major floods in the first quarter of 2012, a quick turnaround in the agriculture sector is still expected with the hope of seeing a positive contribution to the GDP this year."

"These are all happening while the Euro debt crisis is still not fully resolved and with global growth downgrading in the latest forecast by the International Monetary Fund." He said, however, despite the adversities, some local corporate bodies were still able to rise above them.

He said the Fijian economy is forecasted to grow by 2.7 per cent this year and is exhibiting a strong positive performance led by the sectors of manufacturing; finance, forestry; and construction, in the public sector; in fishing; real estate and business services, and in the hotels and restaurant sectors with investments on the increase.