Suva, Fiji, June 12 2024 — Employers across Fiji will benefit from training in good business practices on environmental, social and governance (ESG) standards, aligning the private sector with global standards which improve business performance and support sustainable economic growth.
Under an agreement, the Fiji Commerce & Employers Federation (FCEF), the representative body for all employers and the private sector in Fiji, and IFC, with support from the governments of Australia and New Zealand, will work together to introduce new ESG practices to Fiji's private sector.
IFC will provide in-depth technical assistance to the FCEF, training its staff and associates on good international industry ESG practices. FCEF's broad membership base will enable this partnership to reach a wide group of companies in Fiji, across sectors including tourism, retail, manufacturing, and professional services.
"The Fiji Commerce & Employers Federation is committed to offering the highest standards of training to support the private sector, ensuring that as we grow the Fiji private sector, we are aligned to global standards," said FCEF Chief Executive Officer, Mr Jonetani Tonawai "The FCEF is delighted to partner with IFC to offer Fijian businesses access to the latest learnings and developments in ESG."
IFC's ESG work in Fiji comes under a broader initiative which aims to improve ESG practices and performance across the Pacific, increasing awareness and access to training and advice, and ultimately facilitating increased investment in the private sector.
"Good ESG practices help the private sector deliver stronger returns and better manage risks to businesses, communities, and the environment. They also help businesses boost their reputation, reduce costs, and strengthen stakeholder relations," said Judith Green, IFC Country Manager for Australia, New Zealand, Papua New Guinea, and the Pacific Islands. "We are proud to partner with FCEF to bring these benefits to the private sector in Fiji."
"Good practice ESG delivers benefits to both people and to business. The Australian Government is pleased to support this project that will help attract investment and promote prosperity for Fiji," said Australia's High Commissioner to Fiji and Special Envoy for the Pacific and Regional Affairs, Ewen McDonald.
"Aotearoa New Zealand is proud to support this partnership which will strengthen Fiji's private sector. The benefits of good practices on ESG will extend beyond Fijian businesses to individuals and communities, and will contribute to economic development," said New Zealand High Commissioner to Fiji, Charlotte Darlow.
IFC is a global leader in setting ESG standards for the private sector, through its Environmental and Social Performance Standards and Corporate Governance Methodology
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org
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About the Fiji Commerce & Employers Federation
The Fiji Commerce & Employers Federation holds esteemed recognition from the Fiji Government, Trade Union, and the International Labour Organization (ILO) as the premier representative organization for employers in Fiji. As Fiji's National Private Sector Organisation (NPSO) and a proud member of the International Organisation of Employers (IOE) and Pacific Island Private Sector Organisation, FCEF enjoys recognition on national, regional, and international levels. The Fiji Commerce & Employers Federation (FCEF) as the "Voice of the Private Sector", diligently represents the interests of employers and actively engages in national tripartite committees, forums, and comprehensive reviews. Additionally, FCEF assumes a vital role in advocacy, research, training, and policy advisory services for employers and businesses in Fiji, encompassing various areas such as legal compliance, labor regulations, and occupational health and safety standards.
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