Page 25 - IB September 2018 Edition

Finance

“In any economy, the private sector is usually the engine of
growth and MSMEs are usually the engine of that engine of
growth. Another aspect we find exciting is most MSMEs hire
women so it’s gender-inclusive, something that the United Na-
tions support in many ways. So in our meeting with the Reserve
Bank of Fiji governor, we talked about how we can develop and
support the MSMEs and we have a couple of nice ideas on how
we can approach it. For example, the governor was very keen on
developing Fiji’s outsourcing capabilities. Fijians have a remark-
able capabilities in English and the demand for this, given the
time zone it is in, gives it a very good sweet spot – not just Fiji,
I think it’s true for the Pacific islands as a whole,” said Hahm.
“We think there are great opportunities with the new financial
innovation – Fin Tech they call it – we think that it may be very
appropriate for Fiji because Fiji has really transformed its infra-
structure, especially when it comes to submarine cables, fiber
optics, etc. Such that the necessary infrastructure for financial
technological innovation is there. It’s just a matter of getting the

Sovereign green bond

is the solution to climate

related financing

agents involved – the financial sector to start moving into more
technologically-based inclusion lending methods and that’s what
we’re going to support.”
Another aspect that is on UNESCAP’s radar is the cost of
remittances.
“We find it unfair that people who work to support their fami-
lies and loved ones they leave behind already have a tough life
but every time they make a remittance, to be squeezed of fees
and charges seem to be a tough ask for these migrant work-
ers. This is an issue that really touches us and we’re looking at
ways where we can support that and we’re discussing that with
government,” Hahm said.
He also discussed with Fiji’s government leaders ways that
UNESCAP could support the entire region.
“We believe that this sub-region, composing of many small
island states, would have a better chance if they work together
than compete with each other. For example, the simple issue of
tourism, Fiji is a very attractive destination for honeymooners
and everyone alike but by expanding the horizon, going to Tonga,
potentially Vanuatu, Solomon Islands that are grouped together,
the ability to attract more diverse people I think is very much a
possibility. So we’re talking very much about sub-regional coop-
eration among Pacific Islands states to group together. This was
the main area of discussion with the Fiji government,” Hahm said.
When this edition went to press, Fiji was expecting a delega-
tion from the organisation on a scoping mission for its ‘Catalising
Women’s Entrepreneurship,’ which will see the launch of innova-
tive financing initiatives for women in business.
The programme is being led by UNESCAP and is being funded
by the Government of Canada through Global Affairs Canada.
Vanuatu, Samoa and Fiji have been identified in the Pacific to
pioneer the project.
r dtabureguci@gmail.com

Islands Business, September 2018 25