The Governor of Central Bank of Solomon Islands (CBSI) says complexity is not a barrier but rather an invitation for business to rise to any occasion and redefine what is possible.
Delivering the keynote speech at the 8th Business Excellence Award over the weekend, Dr Luke Forau said, businesses in the country are navigating through a dynamic and sometimes unpredictable business environment.
He said Solomon Islands, just like any other small island economy is operating in an environment reshaped by climate change, further complicated by geography and limited infrastructure adding unpredictability of global market volatility and the relentless pace of digital transformation.
Dr. Luke said, the COVID-19 pandemic was a stark reminder of this fragility, as it shattered supply chains, restricted travel, and limit access to markets the country depends on.
“As a small island economy, we are connected to the global market, which opens us to more vulnerabilities including disruptions in trade, investment, and the broader economy.
“But rather than simply seeing vulnerability, we must see opportunity—the opportunity to innovate, to rethink, and to build further resilient systems.
“While the road ahead may seem daunting, the truth is that this complexity is not a barrier—it is an invitation.
“An invitation to be bold, to adapt, and to harness the power of creativity in leading our businesses into the future,” he said.
Dr Luke said the challenges businesses face are real but by no means insurmountable.
“Time and again, the private sector has proven its resilience. Whether adapting to global crises, overcoming isolation, or bouncing back from setbacks like the riots, we’ve demonstrated an unmatched ability to rise.
“Now, it’s time to channel that resilience, that tenacity, into the future of business. The road ahead may be uncertain, but it is paved with endless possibilities.
“Together, we can shape a future that thrives, no matter the obstacles,” he said.
Dr Luke calls on businesses to learn, evolve, and adapt to changes.
He stressed that changing the mindset, create connection and finding new ways to grow even when traditional methods don’t work is the best strategy going forward.
“To truly unlock the potential of our businesses, we must create a culture of creativity and problem-solving.
“In the Solomon Islands, the private sector must move beyond simply trying to meet the demand, and instead, focus on creating demand through novel solutions,”.
“We must continue to strengthen public-private partnerships, collaborate on infrastructure projects, and support each other through shared resources and networks,” Dr Luke said.
He adds that the government and private sector must work together to ensure that the regulatory environment is conducive to business growth, while also prioritizing.
– SICCI
