Salutation
- The Chief Executive Officer of BRED Bank Fiji, Mr. Pierre Tastet,
- Cabinet Ministers and Members of Parliament,
- Members of the Diplomatic Corp,
- Senior Management and Staff of BRED Bank Fiji,
- Distinguished Guests,
- Government Officials,
- Members of the Media, and
- Ladies and Gentlemen.
Ni Sa Bula Vina’a and a very good evening to you all.
Firstly, I would like to acknowledge the Traditional Owners of the land on which we gather today, ki Nadonumai vua na Gone Turaga na Tui Suva.
I pay my respects to their Chiefs, past and present, as well as emerging leaders and I acknowledge their enduring role within the Vanua. We are grateful for their custodianship, which allows us to come together for this important occasion.
Introduction
- It is a pleasure to join you this evening for the official opening of BRED Bank Fiji’s new Head Office.
- This is an important milestone for BRED Bank and for Fiji’s financial sector. BRED Bank began its journey in Fiji in November 2012 with its first branch at the MHCC Complex in Suva.
- Since then, the Bank has grown steadily and built the confidence of its customers and the wider Fijian community.
- Tonight, we recognise the commitment of the Board, management and staff who have contributed to this growth. This new Head Office represents confidence in Fiji and in the opportunities ahead.
Banking without Distance
- Access to financial services is important to the development of our people and businesses.
- For Fiji, this means ensuring that people in our towns, rural areas and maritime communities can access reliable and appropriate banking services.
- BRED Bank’s growing network across the country is helping to bring banking services closer to our communities. At the same time, digital banking is changing how people and businesses access financial services.
- I encourage BRED Bank to continue investing in digital solutions while ensuring that those who may not yet be digitally connected are not left behind.
- Financial inclusion should mean access to banking, savings, appropriate finance, digital payments and the financial knowledge needed to make informed decisions.
National Footprint & A Stronger Private Sector
- BRED Bank’s expanding presence across the Central, Western and Northern Divisions demonstrates the importance of maintaining a strong national financial footprint.
- Physical presence remains important, particularly for communities and businesses that are still transitioning to digital financial services. At the same time, Fiji must continue to embrace digital transformation.
- The future of banking will increasingly depend on the ability to combine trusted personal relationships with secure, efficient and accessible digital services.
- Government welcomes private-sector investment that helps us close these gaps. As a Government, we recognise that sustainable economic development cannot be delivered by Government alone.
- Government provides the policy environment, public infrastructure, institutions and regulatory framework. The private sector brings investment, innovation, entrepreneurship, technology and employment.
- Our task is to build the conditions in which these strengths can work together. That is the essence of partnership.
Finance for Growth, Enterprise and Productivity
- Ladies and Gentlemen, Fiji’s development ambition requires us to think beyond economic recovery and towards sustained economic transformation.
- We have set ourselves a national ambition of achieving high-income country status by 2050. This requires us to sustain average annual economic growth of around 6 percent.
- Achieving this will require more than Government expenditure. It will require higher private investment, stronger productivity, greater innovation, expanded exports, competitive businesses and a financial system capable of directing capital towards productive economic activity.
- The banking sector has an important role in this effort. Banks do not simply provide financial services. They help determine how capital moves through an economy.
- They support businesses to invest, expand, employ people, adopt new technologies and enter new markets. They also help households build financial resilience and participate more fully in the economy. This is why a strong, competitive and responsible financial sector is an important component of Fiji’s development strategy.
- For BRED Bank, I see significant opportunity to deepen its support for Fiji’s productive sectors — particularly small and medium enterprises, agriculture, tourism, manufacturing, services, indigenous businesses and emerging enterprises.
- Our objective should be to move from financing consumption towards increasing the financing available for productive investment, enterprise development and job creation.
Supporting MSMEs and Indigenous Enterprise
- Small and medium enterprises are central to Fiji’s economic future. They provide employment, support local communities and create pathways for entrepreneurship and innovation.
- Yet many smaller businesses continue to face challenges in accessing finance, building financial capability, managing cash flow and meeting the requirements of formal financial institutions. This is an area where stronger partnerships between Government, banks and business organisations can make a meaningful difference.
- I encourage BRED Bank to continue expanding practical financial solutions for MSMEs, including appropriate lending, business advisory support, digital payment solutions and financial literacy.
- There is also an important opportunity to support greater participation by indigenous Fijian businesses in the formal economy. Our development must create opportunities for Fijians to build, own, invest in and grow businesses.
- The objective is not simply to increase the number of businesses. It is to build businesses that are productive, competitive, sustainable and capable of creating employment and wealth across generations.
Sustainable and Climate-Resilient Finance
- Fiji’s economic development must also be resilient. Climate change and natural disasters continue to create risks for our communities and businesses.
- The financial sector can help businesses prepare for these risks and invest in more resilient operations.
- I welcome BRED Bank’s commitment to sustainable finance and its support for customers seeking to build climate-resilient businesses and participate in Fiji’s emerging green economy.
- This is an area where Government and the private sector can continue to work closely together.
A Modern Financial Sector
- Fiji’s financial sector must keep pace with a changing economy. Customers expect banking services to be convenient, secure and responsive.
- Businesses need reliable payment systems and access to finance that allow them to operate efficiently and compete in regional and international markets.
- Digital transformation can help us achieve this. But technology must also remain inclusive.
- We must ensure that rural communities, older people, small businesses and others who may face barriers to digital services are not left behind.
International Partnerships and Fiji’s Economic Integration
- BRED Bank’s presence in Fiji also reflects the importance of international investment and partnerships.
- I understand that earlier this year BRED Bank Fiji established a partnership with the International Finance Corporation to support the growth and job creation potential of small and medium enterprises.
- Partnerships of this nature can help connect Fiji’s businesses to capital, knowledge, technology and international expertise. This is particularly important as Fiji seeks to strengthen its participation in regional and global markets.
- Our economic future will depend increasingly on our ability to connect local enterprise with regional and international opportunities.
- That means improving productivity, strengthening standards, expanding exports and building businesses that can compete beyond our domestic market.
Empowering People and Expanding Opportunity
- At the centre of our development efforts are the people of Fiji. Economic growth must create real opportunities for our people.
- We want young Fijians to have opportunities to build their futures here, entrepreneurs to grow their businesses, rural and maritime communities to participate more fully in economic activity and businesses to be productive, competitive and capable of creating good jobs.
- This requires strong institutions, responsible businesses and partnerships built on trust. Good governance, accountability and integrity must remain at the centre of this effort.
Looking Ahead
- Tonight’s opening marks an important new chapter for BRED Bank Fiji.
- I encourage the Bank to continue building on its achievements and to remain focused on the needs of Fijians and the growth of our economy.
- There is an opportunity to do more to support MSMEs, expand financial inclusion, strengthen digital banking, support climate resilience and increase access to finance for productive investment.
- These are areas where Government and the private sector can work together. Our goal is a more productive, resilient, inclusive and competitive Fiji.
Acknowledgement and Conclusion
- I acknowledge the Board, management and staff of BRED Bank Fiji for their leadership and commitment in bringing this new Head Office to completion.
- I also acknowledge the Bank’s partners, customers and stakeholders for their continued support.
- On behalf of the Government and the people of Fiji, I thank BRED Bank for its continued commitment to our country.
- This new Head Office is more than a building. It represents confidence in Fiji and a commitment to serving our people and businesses.
- I commend BRED Bank on this achievement and wish the Bank continued success as it enters this new chapter.
- Ladies and Gentlemen, it is now my distinct honour and privilege to officially declare the BRED Bank Fiji Head Office open.
Vinaka vakalevu.
May God bless you all, and may God bless Fiji.
[END]
