Absence of an Economic Summit for 16 years created a monopoly on good ideas – Prof. Prasad

Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says the absence of a genuine Economic Summit for the last 16 years has created the wrong thinking that only one group of people or even one person has a monopoly on good ideas and that is why we now lack good processes for collaboration with those outside Government.

While speaking at the National Economic Summit, Professor Prasad says over the years, these have been lost and they no longer even have a network of people outside Government who they can call on and talk to.

He says part of this first summit is about re-weaving this network, and to know the people out there who can help them in their work.

He adds turning collaboration into action may appear to be a simple thing but dealing with issues as complex as ours is not easy.

Professor Prasad further says trying to navigate economic policy in a new direction, and re-learning these skills is critical for Government.

He adds they have been criticised over the cost of the summit and some of their spending choices.

He says that is all right as this is what democracy is about and those who bear responsibility for these decisions, like him, must embrace the flying bricks as well as the bouquets.

The Deputy Prime Minister says they are putting special focus on critical issues such as water resource management, transport, energy and technology.

He adds they are also casting a wider net over rural and outer islands development, land and marine-based economic activities and indigenous participation in business and there are 32 specific subject areas for discussion.

Professor Prasad made it clear its an end to secrecy and a new attitude of openness where policy making and execution must happen in the open.