Pacific Island countries have the ambition to build resilient and sustainable economies but need greater access to capital, expertise and technology to turn those goals into reality, says Tonga Prime Minister Lord Fakafanua.
Speaking ahead of the 55th Pacific Islands Forum Leaders Meeting and Related Meetings in Palau from 31 August to 04 September, Fakafanua said Pacific countries must build on their natural advantages while finding new ways to grow their economies.
His comments come as economic development and growth remain key priorities under the Pacific Roadmap for Economic Development (PRED), the regional framework for advancing economic resilience and integration across the Blue Pacific.
“We all want economic development. We want a blue economy that is to be sustainable. We want more resilient people, more resilient governments and more resilient islands in the face of global challenges that we’re facing,” said PM Fakafanua.
Fakafanua said Pacific countries already have the ambition to achieve their economic goals but need the resources and knowledge to deliver them.
“The way I see it, we have the ambition. We just need the know-how, the capital and the expertise to achieve some of those targets,” he said.
Fakafanua said Pacific countries should focus on niche export markets and develop circular and sustainable economies that make better use of the region’s resources.
“Some of the low-hanging fruits that I can see is through niche markets for exports and also building circular and sustainable economies that can support a blue Pacific.”
He said Pacific countries also need to diversify their markets and use new technologies to overcome geographic and economic constraints.
“So, we need to lean into our greenness or our blueness, diversify our markets and look at frontier technologies that can help us achieve and leap from some of those outcomes.”
Fakafanua said the region’s economic ambitions are already reflected in the Pacific’s long-term development vision.
“It’s all within the 2050 target. I think 2050 can’t come soon enough,” he said.
The 55th Pacific Islands Forum Leaders Meeting next week will bring Pacific leaders and the wider Forum Family together in Palau to discuss regional priorities, including economic development, resilience, climate change, security and regional cooperation.
