Estimated $3.4B lost in infrastructure development

Fiji has lost an estimated $3.4 billion in infrastructure development over the last 20 years and this is why we can have a crumbling infrastructure.

These was a fact stated by Economist Dr Biman Prasad at the TPAF's Better Business Conference on how businesses can overcome the challenges due to the global recession.

Dr Prasad said while in an economic crisis, the poor and vulnerable are the most neglected, stressing that history has shown that crisis provided opportunities for innovation as many businesses have weathered the storm and become better after the experience.

He said some of the innovations are that firms can look at creating new or improved products or service for sale.

He said another could be innovative pricing which is often used by airlines.

Dr Prasad gave an example, saying that a farmer selling goats on the road side discriminates individuals.

He said a well dressed gentleman in a land cruiser would be charged $300 for a goat, while for someone in an old car and not so impressive attire, could be charged $250.

Dr Prasad also stressed that businesses are aware that employee's are their lifeblood but in some situations they can become blood suckers.

He said there is nothing like a crisis to raise productivity by rewarding good workers and getting rid of the dead weight that the company may have been able to carry in good times.