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Forum Secretariat Press Statement

PRESS STATEMENT 12th July 2007.

The 11th Forum Economic Ministers Meeting in Koror, Republic of Palau has been told that most of the Forum Island Countries’ (FICs) economies have, on the average underperformed over the last decade despite the opportunities they had.

“While a few FICs have progressed, the economic performance of a majority of the members has been unsustainable, even to the extent that for several of them per capita income growth has been negative,” Mr Rick Houenipwela , Governor of the Solomon Islands Central Bank said in his keynote address at the Ministers’ meeting.

Mr Houenipwela said the characteristics of the smallness, isolation from major world markets and vulnerability to natural disasters have been exacerbated by a number of “man-made roadblocks including increasing globalization, limited market access, political instability, deteriorating security sensitive situations, poor governance, poor infrastructure, limited access to land and slow public sector reforms.”

He cited Samoa as having now attained middle income developing country status from being a least developing country because of a number of reasons including “good governance and a stable policy and political environment.” “In order for reforms to succeed, they require commitment and dedication by all stakeholders, a lot of patience, not to mention the pain that has been endured. Samoa is now seeing these efforts as they are now paying dividends in terms of higher growth rates.

“This remarkable performance was inspired by the integrity and professional competence of the political leadership and their technical team,” Mr Houenipwela said. He added: “reforms can be sustained if the political leadership has the respect, trust and confidence of its citizens as well as the international community.

Unfortunately, these are very important qualities which are in very short supply in most of our countries.” Mr Houenipwela told the Forum Economic Ministers it is imperative that there is political will if there is going to be sustainable growth. “The political government is there to provide leadership, and the policy environment that is conducive for private sector development and growth.

“Hon. Ministers, you do not need to be reminded, but all eyes – your own citizens and every one in the region look to you and your respective governments to make a change for the better, to make a positive change in the livelihood of our people. The longer it takes the more suffering, misery, discomfort, and poverty we will see in our region.”

The Forum Economic Ministers Meeting ends today (12th July) .

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