TRADE HEART OF ECONOMIC DEVELOPMENT IN PACIFIC REGION: DAME TAYLOR

Dame Meg Taylor PIF’s Secretary-General. Photo credit: www.forumsec.org

Trade is at the heart of economic development in the Pacific region, says the visiting Secretary-General of the Pacific Islands Forum Secretariat, Dame Meg Taylor.

Dame Meg made the statement in Honiara today, during the officially launching of the country’s first ever Trade Policy Framework document.

She said the Pacific region can effectively achieve economic growth and reduce poverty by engaging in the global economy through domestic capacity supplementation.

The Forum Secretary-General adds the Framework should allow the Solomon Islands to think strategically on how to diversify its trade, and prepare in advance to address these challenges.

“It is also a cause for concern that most exports from the Solomon Islands are unprocessed commodities and primary resources. This is a similar trend that is experienced across resource-endowed economies in the Pacific region. It effectively means that value addition on these valuable natural resources is undertaken abroad which results in missed opportunities to create much-needed jobs and investments in the Solomon Islands.”