A senior economist specializing in Pacific affairs is urging Pacific Island leaders to assertively convey that their nations are critical players in global trade and security rather than being seen as mere afterthoughts. According to Kishti Sen, who works for the ANZ Group in Sydney, the global focus has primarily been on governance issues in the Pacific, while the pressing need for improved living standards has been largely overlooked.
Sen emphasizes that the region requires significant investment in infrastructure, particularly resilient systems that can withstand climate events. He highlighted the necessities of cost-effective and secure connectivity to global markets, as well as the expertise needed to enhance agricultural productivity and thereby increase farmers’ incomes. He also called for reduced utility costs through modern infrastructure, and better market access for Pacific products.
Highlighting the collective aspirations of world leaders for a stable and prosperous Pacific, Sen insists that wealthier trading partners must expedite their support for development initiatives, creating mutually beneficial scenarios. He pointed out that Pacific governments often have limited capacity to finance major infrastructure projects on their own.
As Pacific leaders convene in Honolulu, Hawaii, for the US-Pacific Investment Summit, which focuses on investment, security, and shared prosperity, Sen stresses the need for a streamlined pathway for attracting foreign and local investment. He noted that while there are ample opportunities for investment in the Pacific, significant bureaucratic barriers often hinder progress.
According to Sen, improving the relationship between investors and regulators is essential. He criticized the lengthy processes associated with securing land for development, suggesting a more efficient regulatory framework to make the Pacific a more appealing destination for investment. “If you can’t attract private capital, you get stuck in a very low gear of progress,” he stated, underscoring the urgency for cooperative efforts to overcome these challenges.
By prioritizing these developments and fostering a conducive environment for investment, the Pacific Islands can enhance their economic prospects and ensure a brighter future for their people.