Minister for Commerce and Trade Faiyaz Koya says the socio-economic impacts of COVID-19 have significantly impacted economies in our Pacific region.

Speaking during a public lecture at the Forum Economic Ministers Meeting in Vanuatu, Koya adds the impacts have been felt right down to our grassroots communities and marginalised citizens as the global pandemic wreaked havoc in our already vulnerable communities
“Certainly COVID-19 exacerbated existing challenges facing developing Pacific economies, already hindered by isolation and highly vulnerable to disaster and climate change risks. Atop these challenges, investors and governments alike are often faced with high infrastructure and rebuilding costs.”

He adds COVID-19 has exposed complexities and challenges that will continue to impede pathways for effective economic recovery and resilience of economies to be able to cushion potential fiscal shocks.

“Our Forum Leaders have endorsed the 2050 Strategy for the Blue Pacific Continent and the collective strategies for effective economic recovery and building resilient economies reinforces the need to strengthen regionalism and leverage greater opportunities for economic progress with our partners.”

The theme for this year’s Forum Economic Ministers Meeting is “Towards a Resilient Economic Recovery and Stability.