A prominent economist focused on Pacific affairs is urging leaders from Pacific Island nations to assert their importance in the spheres of global trade and security. Kishti Sen, associated with ANZ Group in Sydney, argues that while there has been a significant emphasis on governance issues in the Pacific, the critical need for enhancing living standards has often been neglected.
Sen points out that the region is in dire need of substantial investments in infrastructure, emphasizing the importance of creating resilient systems capable of withstanding climate-related challenges. He advocates for improved and affordable connectivity to international markets, along with the necessary expertise to boost agricultural productivity and increase farmers’ incomes. Additionally, he highlights the urgent need to lower utility costs through modern infrastructure upgrades and to improve market access for Pacific products.
As world leaders gather in Honolulu, Hawaii, for the US-Pacific Investment Summit aimed at fostering investment, security, and sustainable prosperity, Sen believes it is critical for wealthier trading partners to accelerate their support for development initiatives that yield mutual benefits. He notes that many Pacific governments often lack the financial capacity to independently fund large infrastructure projects.
At the summit, Sen stresses the importance of creating a more streamlined process for attracting both foreign and domestic investments. He points out that while opportunities for investment abound in the Pacific, bureaucratic obstacles frequently impede progress. Enhancing relationships between investors and regulators is vital, according to Sen, who criticized the lengthy procedures involved in securing land for development. He advocates for a more efficient regulatory framework to make the Pacific Islands a more attractive destination for investment. “If you can’t attract private capital, you get stuck in a very low gear of progress,” he emphasized, highlighting the need for collaborative efforts to tackle these challenges.
By prioritizing investments in infrastructure and creating a favorable environment for funding, Pacific Island nations can enhance their economic outlook and pave the way for a brighter future for their populations. This proactive approach promises to elevate the region’s status on the global stage, recognizing the Pacific Islands as valuable contributors to global trade and security rather than mere afterthoughts.