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Chamber applauds PIB dissolutionWednesday, November 18, 2009
 The business community supports Government’s decision to reject the PIB's proposal. Fiji Chamber of Commerce president Swani Maharaj re-iterated the government’s sentiments that price control will only distort the market and makes the economy anti-investment and anti-business. "It’s a move in the right direction. Its anti business and its anti investors. The more you put goods under price control, its doesn’t support import substitution, it doesn’t support businesses to grow and doesn’t support employment." Businesses are usually given the ceiling of between three to five percent for imported goods mark up prices while two to four percent for wholesale mark up prices and Maharaj thinks this will only add to operating costs. "With the raising cost of petrol, the interest rate at 12.5 percent and with all these costs being taken into account … you cannot make ends meet. Actually businesses are making losses." The PIB has been dissolved and its functions transferred to the Commerce Commission but prior to this, it has always drawn the ire of the business community which blames it for its lack of timely response to market forces. Fiji Broadcasting Corporation |
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