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Monday, June 18, 2007

Economy and Investments fall

The President of the Fiji Institute of Accountants has said that the economy and investments were falling and that businesses were suffering. He made the comment at the Fiji Institute of Accountants Congress currently underway at The Fijian Resort, Sigatoka, Fiji.

The sectors which had declined included tourism, agriculture, sugar and the business industry in general.

Read more from the article in the Fiji Times, Monday, 18 June 2007, appended below.

"Economy, investments on the decline: Patel, Monday, June 18, 2007

ALL business sectors in the country are underperforming, says Pradeep Patel, the president of the Fiji Institute of Accountants.

Mr Patel said the economy and investment activities were on the decline and businesses were suffering. "Such a situation will have a negative impact on employment and economic activities and thereby on tax revenue," he said.

Mr Patel made this statement at the Fiji Institute of Accountants Congress at the weekend.

Some of the sectors that have declined are tourism, agriculture and sugar and the business community is also facing the economic downturn.

Mr Patel said given the prevailing political and economic climate, Fiji was going through a critical phase on the political front and the interim Government's commitment to return democratic rule was important. "It is important to achieve this to the earliest for political stability, promoting investment, retaining skilled resources and recovery of the economy," he said. Mr Patel said the interim Government's commitment to upholding the Constitution, respecting the independence of the judiciary and protecting of human rights must be totally up held.

He said the Fiji Islands Revenue and Customs Authority had a critical role to play and without comprising its position, it must provide necessary support to provide investment, promote economic activities and economic recovery and development.

"We need a vibrant private sector to drive our economy," Mr Patel said.

He said the interim Government should have a dialogue with the country's major trading partner, New Zealand.

He said Fiji should have taken a diplomatic approach to resolve any difference between the two countries.

"We should take a dialogue approach," said Mr Patel. "

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