The 4th Annual Pacific Research Conference and Leaders Forum took place in Honiara, Solomon Islands, from June 26-27, 2024, under the theme “The Business of Finance in PICs: Balancing Profitability and Access to Finance.” Sponsored by the Central Bank of Solomon Islands, the event brought together over seventy Pacific policymakers (including Governors), academics, regulators, multilateral organisations, business leaders, and civil society from the wider Asia-Pacific region.
The concurrent Leaders Forum heard first-hand from the Leaders of the region (Governors and Minsters) on how things are in their economies—opportunities and challenges, especially post COVID19. The forum provided a rare confluence of such high-profile speakers and an equally rare opportunity for interaction and engagement.
In his keynote address, the Hon. Minister of Finance and Treasury, Solomon Islands (and former Prime Minister), Manasseh Damukana Sogavare, emphasised the relevance of the conference theme to the critical balance between expanding access to finance and ensuring profitability for financial institutions.
“It draws our attention to a core challenge in the provision of finance in the Pacific, namely the need to balance the desire to widen access to finance and investment for the people in the region with profitability and viability concerns from financial institutions,” he said.
Minister Sogavare applauded the Pacific Islands Centre for Development Policy and Research’s (PICDPR) mission, stressing the importance of research with real-world implications.
“Our research must hold authentic, practical, real-world implications. Otherwise, we will become like academic institutions, which normally do research to publish. Our unique identity as policy-makers requires that we go beyond such purely ‘academic exercises’”.
Echoing the Minister’s sentiments, Dr Luke Forau, Governor of the Central Bank of Solomon Islands, highlighted the importance of capacity building and evidence-based policy-making.
“Talking about capacity building, the key aspect of our program is real policy outcomes. Our desire is to ground policies in evidence-based, scientific research. And, I have no doubt that we’ll get there, slowly but surely—no more eye-balling!”
This year’s forum underscored the urgent need for balancing financial inclusivity and institutional profitability in the Pacific, setting the stage for continued progress and innovation in the years to come.
The forum concluded with an announcement that the fifth annual conference will be hosted by the Bank of Papua New Guinea in 2025, continuing the tradition of fostering dialogue and collaboration on critical financial issues facing the Pacific region. A research paper on Financial Sector Development is expected to be released soon following the conclusion of the conference.
For more information about the Pacific Islands Centre for Development Policy and Research, visit the website.
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