The development of outsourcing services could see Fiji tap into a global market estimated to be worth almost US$1 trillion, while providing the economy with a climate-resilient source of growth and inclusive jobs.
This is according to a new World Bank Group report.
The Fiji Country Private Sector Diagnostic report, by IFC and the World Bank, says the COVID-19 pandemic and a series of extreme weather events have been devastating for the economy and exacerbated some of Fiji’s long-standing structural issues.
It recommends a four-pronged approach for the future –unlocking new sources of growth beyond tourism, strengthening economic and climate resilience, leveraging Fiji’s potential as an economic hub in the Pacific region and creating inclusive job opportunities.
In parallel with efforts to diversify the economy, the report says Fiji must prioritize areas and reforms that can help expand its external market and leverage its geographic centrality in the Pacific to become an economic hub for Pacific nations, and potentially the broader Asia-Pacific region.
It says a focus on healthcare and agri-logistics as well as developing outsourcing services can help generate high numbers of quality jobs, especially for women and youth, who have historically experienced greater unemployment and have been disproportionately affected financially by COVID-19.
It is estimated that about US$4.6 billion will be needed to address Fiji’s climate-change exposure in the next 8 to 10 years.
Attorney General and Minister for Economy Aiyaz Sayed-Khaiyum says Fiji is the hub of the South Pacific with aspirations to become a more significant driver of growth for the wider Asia- Pacific region.
Sayed-Khaiyum says tapping into the US$1-trillion-opportunity that the global outsourcing sector represents is a key facet of Fiji’s ongoing post-COVID recovery by creating good jobs that leverage our young and highly educated workforce.
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