During the meeting a Forum Economic Action Plan was finalized, outlining options and actions that will help enhance regional and national efforts toward progress. The measures outline the need for assistance toward private sector development, options to maximize sustainable returns from fisheries resources and improve revenue performance through broadening the tax base and strengthening effective collection and sustainable long term fiscal strategies in Forum Island Countries.
Vice President and Finance Minister Kerai Mariur represented Palau in the FEMM. The annual meeting is an opportunity for member countries to be represented in discussions of common economic and fiscal issues that affect their respective Pacific Island States.
Among those agreed upon by the Forum Economic Ministers during the meeting was the importance of expanding the economic base of Forum Island Countries, given the challenges they face, including small private sectors and lack of economies of scale.
This year’s theme was “Supporting the Forum Leaders’ vision of a region of economic prosperity through developing appropriate economic policy frameworks and sharing country experiences.”
According to the press statement from the Office of the Vice President, the Forum Economic Ministers noted that while the global economy is now showing signs of recovery, it is still fragile and uneven. “Presentations from Kiribati, Samoa, Solomon Islands and Tonga described the measures put in place to mitigate the impacts of the global economic crisis. They highlighted the need to maintain macroeconomic stability and continue with necessary reforms.”
Forum Economic Ministers also remain committed to national and regional actions to generate growth to improve the well-being of their people. They noted that there were regional success stories that can be drawn upon. “Ministers recognized the private sector is the key engine for growth. Ministers agreed that the actions set out below are essential for FICs efforts to expand the economic base.”
All FICs will provide a written update on measures taken to broaden the economic base and increase growth. The selected countries will make presentations at FEMM 2011.
Representatives from Australia, the Cook Islands, Federated States of Micronesia, Kiribati, Nauru, Niue, New Zealand, Papua New Guinea, Republic of the Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu also attended the meeting.
With Mariur during the meeting were his Chief of Staff Warren Umetaro and Darren Fritz of the Bureau of Budget and Planning.
American Samoa will be hosting the FEMM next year.
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