Hon. Ministers,
Permanent Secretaries,
Chair of the RISE Selection Panel, Mr Saud Minam,
Members of the RISE Selection Panel,
Representatives of the business community,
Invited Guests,
Members of the media,
Ladies and Gentlemen,
I am happy to join you this morning for the launch of yet another exciting initiative by the Fijian Government.
The Research and Innovation Scheme for Enterprises or RISE is an important step that the Fijian Government is using to progress Fiji into a modern and knowledge-based economy.
The 5-Year and 20-Year National Development Plan puts together all the components that are crucial for continued growth. RISE is one of the components that will assist enterprises to bring about innovation in their respective sectors by encouraging research and development (R&D).
Ladies and Gentlemen,
As Fiji continues its positive economic growth, we cannot sit on our laurels and think that business-as-usual will keep us going.
We need to continually think about new initiatives to remain competitive and ahead of the game in this global market.
For this, we need new public and private sector investments to realise our shared vision of “Transforming Fiji”.
The Fijian Government, when putting together its plans, is mindful not to build more of the same, but better each time. This means continuously keeping track of what the world is doing and how they’re doing it to ensure our relevance and competitive advantage.
Over the years, we have given special attention to micro, small and medium enterprises, and we continue to do so.
Then we introduced Young Entrepreneurship Scheme, allowing young Fijians with innovative business ideas to think beyond the norm.
Now through RISE, we intend to focus more of our efforts to enterprises, whether small or large with the commitment to further their horizons by stepping into the unknown, even if it’s trial and error at first.
The main idea is to encourage enterprises to innovate, think outside the box and elevate their businesses. Innovation as a tool for sustainable development can only be fuelled by R&D. A mind-set of continuous improvement must be instilled in each of us to keep Fiji moving forward. And that’s why R&D is so important.
According to the UNESCO Institute of Statistics in 2019[1], global spending on R&D reached a record high of approximately US$1.7 trillion.
South Korea spends 4.5 percent of its GDP on R & D.
Several countries around the world have pledged to increase public and private sector investments in R&D in order to meet Sustainable Development Goals (SDGs) 2030. With your support, and more importantly, willingness, Fiji can do the same.
Ladies and Gentlemen,
Through RISE, we are allocating $500,000 for enterprises who need that initial support to undertake R&D in a new or improved product, process or services, which will not only be beneficial to their business, but also the Fijian people.
Some of the research that you do will not make headlines, but they can lead to outcomes that can benefit Fijians, and enhance their daily lives.
Ladies and Gentlemen,
Countries such as Singapore, South Korea, Ireland and Australia have invested in R&D and innovation, which have fast become enablers of foreign direct investment, employment creation and have contributed to the growth of their economies. In these countries, businesses are the major investors in R&D, followed by Government and universities.
One of the key ways to achieving success in creating a culture of investment in R&D is for the Fijian Government to work closely with businesses.
RISE is the beginning of a long-term partnership between the Fijian Government, the private sector and academia.
Now in terms of governance, the RISE Selection Panel, driven by the private sector and tertiary institutions in Fiji is responsible for overseeing this initiative.
We thank the Chair, Mr Saud Minam, ANZ Country Head Fiji, for agreeing to lead this Selection Panel, which include representatives from the private sector across different fields.
To maximise the potential of RISE and ensure its future sustainability, it is equally important to have the contribution of the private sector and academic institutions that play a key role in R&D, science and innovation.
The inclusion of the highest representation from the two universities, that is, the Vice Chancellor of the University of the South Pacific and the Pro-Vice Chancellor of Fiji National University, has added to the repute and inclusivity of the Selection Panel.
Ladies and Gentlemen,
Given Fiji’s commitment to ensuring green and blue economies as well as regional leadership in the area of climate adaptation and mitigation, it is prudent to embed the principles articulated in Fiji’s Green Growth Framework and the National Development Plan into the project design and criteria of RISE.
Ladies and Gentlemen,
The evaluation and selection of projects for funding will be done by the RISE Selection Panel.
A transparent process for issuing an expression of interest and evaluating applications have been developed and decisions will be based on proposals from existing Fijian firms that meet the eligibility and evaluation criteria.
The expression of interest is open for enterprises whether small or large. You can find out more on the RISE website: rise.gov.fj.
We are excited with the applications received so far, and in fact, the Selection Panel has assessed a number of them for further consideration.
I encourage companies or individuals to consider venturing into R&D to develop new or improved Fijian made products or services.
I want to emphasise to all the businesses out there, this is an initiative for you. So, take up this opportunity to create new or improved products, processes.
Ladies and Gentlemen,
I wish to reiterate, besides addressing national issues, R&D can also be a source of competitive advantage for our companies.
Compared to the past, we now have a stronger and thriving private sector. Many of the Fijian companies, have also been venturing abroad.
When you compete in the global market, you can face intense competition, especially if you are against larger international players. So, you need to differentiate yourselves with deep capabilities in several niche areas, where you can play a useful role and provide a good value proposition. RISE enables you to build on that opportunity.
Ladies and Gentlemen,
With that, I have the pleasure in officially launching the Research and Innovation Scheme for Enterprises.
Thank You. Vinaka Vakalevu. Dhanyavaad.