Fiji’s Prime Minister Sitiveni Rabuka has reminded leaders and experts attending the 2023 National Economic Summit of the critical need to make timely adjustments for the island nation to cope and be able to survive in the global trading environment.

In his address to officially open the summit – the first in 15 years – at the Grand Pacific Hotel in Suva today, Mr Rabuka said the summit was timely given the need for Fiji to take stock, make necessary changes and decisively move forward.

Alluding to Scottish economist Adam Smith’s book ‘The Wealth of Nations’, which he described as the principal book of the free market economy, he urged those who would implement the summit outcomes to be mindful of some of the steps left by the author where the free market allowed for capital formation and growth opportunities.

“If you’re fully aware, we all agree that we face many daunting challenges that we must collectively address. Apart from the current unsustainable debt level, we also have to be mindful of the geopolitical and global economic environment we live in,” Mr Rabuka said.

“We have just been through one of the world’s worst pandemics in modern times with COVID-19. It affected the whole world.

“It was more devastating for small island developing nations and economies like Fiji.

“The Russian and Ukrainian war in Europe made our efforts to recover from the pandemic more challenging, particularly due to supply chain issues.

“We must address these challenges collectively through this summit and draft solutions together as a nation.”