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The Forum Economic Ministers’ Meeting (FEMM) kicked off in Suva today with Tonga’s Finance Minister and FEMM Chairperson Tiofilusi Tiueti stressing the importance of addressing regional economic challenges and seizing growth opportunities.
He thanked Secretary-General Waqa and his team for their strong leadership in steering the region towards prosperity.
Tiuti stressed that the Blue Pacific Continental Strategy 2050 is an important guide for future prosperity and sustainable development.
“Our theme this year, ‘Accelerating Transformative Resilience in the Pacific: Partnerships for Prosperity’, highlights the need for the blue Pacific continent to work together to address challenges and promote shared growth,” he said.
Over the next two days, ministers will focus on key economic issues, including technology, connectivity and the digital economy.
Thietti highlighted the ongoing impact of the pandemic, geopolitical tensions and climate change on the region.
“The global economic outlook remains uncertain, with the impact of the pandemic lingering, geopolitical tensions disrupting supply chains, and inflation rising. Climate change continues to pose an existential threat to our Blue Pacific continent,” he noted.
Recalling the devastating eruption of the Hunga Tonga-Hungahapai volcano in January 2022, Te Uti stressed the urgent need for transformative resilience.
“The damage caused by the eruption was equivalent to 36% of Tonga’s GDP,” he recalled.
“This is just one example of the harsh reality we face in the Pacific and why building transformative resilience is not an option, but a necessity.”
Ti Uti praised the Pacific community for its support to Tonga following the eruption, but acknowledged the collective response could still be improved.
“The scars of Honga Tonga-Honga Haapai highlight the critical importance of our theme ‘Accelerating Transformative Resilience in the Pacific: Partnerships for Prosperity’. We must build back better, with a focus on long-term resilience,” he urged.
He also pointed to the potential of technological advances and ocean resources to drive economic prosperity.
“Technological advances offer innovative solutions for climate adaptation, financial inclusion and sustainable development. The vast marine resources of the Pacific offer important opportunities to unlock economic prosperity,” said Tiéti.
At the traditional Pacific discussion forum, known as the Talanoa Meeting, ministers will engage in an open dialogue on how to unleash the resilience of the Pacific through partnerships and innovation. They will also review a draft Pacific Economic Development Roadmap aimed at strengthening regional economic integration and cooperation.
Tiéti acknowledged the progress made in regional economic cooperation, but stressed that more efforts are still needed.
“While we have made good progress in some areas, we need to work harder to expand it to others,” he said, noting the need to coordinate systems and processes to facilitate trade, labour mobility and private sector investment.
“While we benefit from labour mobility schemes in Australia and New Zealand and growing permanent migration opportunities, these come at the expense of our domestic economy.
“The latest figures show that over 50,000 Pacific Islanders are currently working in these schemes. Remittances are undoubtedly an important source of income for many families. But our domestic economy is suffering from labour displacement and a lack of good new business and investment opportunities.
“Our rural areas and outer islands are losing population, which makes it more expensive for our government to provide public services. I suggest that ministers carefully study the document on assessing the socio-economic impact of population relocation,” Toueti stressed.
The meeting will also discuss key issues such as correspondent banking relationships, climate finance and public financial management, as well as the importance of collaboration between Forum Island countries, development partners and the private sector.
“The impacts of climate change and disasters continue to pose an existential threat to our economies and communities in the Pacific. We need to be more vigilant and proactive in strengthening the resilience of our communities,” stressed Thieti.
Tiwuti also called on ministers to strengthen cooperation.
“By working together, we can create a stronger, more successful Blue Pacific continent for generations to come,” he said. “This week’s meeting provides a unique opportunity to chart a new course for our Blue Pacific continent.”
Tiuti expressed optimism for productive discussions and fruitful deliberations over the next two days.
Source: PACNEWS
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