REMARKS: Forum Economic Officials Meeting Opening Remarks by FEOM Chair, CEO Kilisitina Tuaimei'api

Excellencies and Senior Economic Officials;
Deputy Secretary General; 
Ladies and Gentlemen.

1.    Good morning and greetings to you all who are joining us this morning.    

2.    I am humbled and honoured today to serve as the Chair of the 2024 Forum Economic Officials Meeting, FEOM. I acknowledge the leadership and guidance by Mr Garth Henderson, Financial Secretary of the Ministry of Finance and Economic Management of the Cook Islands, who has provided a strong foundation for our work. I am confident that through collaboration, and collective actions we can achieve significant progress in strengthening the economic well-being of our Pacific people.  

3.    Excellencies and Senior Officials, we gather here in Suva, at a pivotal juncture. The 2050 Strategy for the Blue Pacific Continent serves as our guiding light, charting a course towards a prosperous and sustainable future. However, significant challenges persist. The fragile global economic situation, coupled with the ongoing impacts of climate change, and the war in Ukraine threaten to derail our progress. This outlook is driven by persistently high inflation rates in basic commodities and energy, further conflict escalations in the Middle-East, and the ever present threats of climate-related and other natural disasters. These factors contribute to posing significant challenges both to global growth, and to our own island economies.

4.    For our import dependent Forum Island Countries, the high prices of core commodities such as crude oil, rice and flour have a damaging effect on our economies by increasing the costs of our imports, keeping the costs of basic needs high, and dampening our economic activities. Most worryingly, high rates of inflation put pressure on all aspects of the wellbeing of our families and communities.

5.    Excellencies and Senior Officials, this year's theme, "Accelerating Transformative Resilience in the Pacific: Partnerships for Prosperity," underscores the critical role of collaboration and collective action. By working together, sharing best practices, and forging strong partnerships, we can build economies that are not only robust but also adaptable in the face of adversity. The development of the Pacific Roadmap for Economic Development (PRED) is a prime example of this collaborative spirit. This work has taken us more than a year, but through your persistence and commitment we now have a document for our Ministers to consider; this demonstrates the power of collective actions to find solutions to address regional challenges.

6.    Our agenda reflects a commitment to this objective. Our focus will be on tackling critical issues, and we will take into account various perspectives and potential solutions. 
The main issues include: 
i.    First, the Pacific Roadmap for Economic Development (PRED). The comprehensive strategy contained within the PRED holds immense potential for deepening regional economic integration, unlock new opportunities, and drive inclusive growth. Foremost, the PRED is a comprehensive policy document that could be transformative for our region. By focusing on deepening regional economic integration, PRED aims to unlock new opportunities that foster inclusive growth. PRED is not just a plan but is a clear Roadmap guiding us towards economic resilience and sustained prosperity. It is imperative that we give this agenda item the attention it deserves, recognizing it as a cornerstone for our collective economic future.
ii.    Second, Building Economic Defenses. We will explore innovative approaches to tackle the challenges of accessing finance, including climate finance, and ensuring that transmission mechanisms for financial transactions across our borders and with our regional neighbours, are available at affordable rates. This is particularly critical for those who are working through the labour mobility schemes to remit money to their families back at home.   To future proof our economies, we also need to find solutions to address the impacts of human mobility on our vulnerable economies and social structures to ensure that our economies remain resilient, and our people thrive.  The challenges posed by climate change and human mobility, for example, are formidable, yet they are not insurmountable. This is crucial because it addresses the very fabric of our societies and economies, ensuring that we can withstand and adapt to both current and future challenges.
iii.    Third, Enhancing Regional Cooperation. Collaboration with development partners is essential. Collaboration with development partners through initiatives such as the Pacific Resilience Facility (PRF) presents a promising avenue for mobilizing resources and bolstering climate action. This cooperation is not merely beneficial, but necessary. It offers a strategic framework for pooling our strengths and resources, amplifying our collective impact.

7.    These agenda items are of paramount importance, and their potential impact cannot be overstated. They represent critical pathways to a more integrated, resilient, and cooperative Pacific region. Our commitment to these initiatives will determine our success in navigating the complexities of economic development and climate resilience.

8.    Excellencies and Senior Officials, let us approach these discussions with the seriousness and dedication they warrant. When we join forces, our combined voices have the potential to create a stronger impact on the global platform, especially for confronting the critical issue of climate change and its far-reaching consequences for the economic and fiscal stability of our respective countries. By coming together as small island nations and combining our efforts, we can guarantee that our needs are met in a more efficient and fair manner, ultimately leading to the development of a more resilient and sustainable future for everyone.

9.    It is crucial that we take timely actions and propose effective solutions to address the economic and related challenges faced by our economies. I firmly believe that the discussions we engage in today will enable us to provide the much-needed strategic guidance for both regional and national actions. Together, as one Blue Pacific Continent, we can overcome the challenges and ensure a prosperous future.  

10.    With these brief comments, I extend my wishes for a successful meeting and look forward to our coming to agreement on a set of pragmatic and practical recommendations for our Finance Ministers to deliberate upon in the upcoming days.

Malo ‘aupito.