liquidity the financial system has made only a limited contribution to regional development through a reduction in the cost or an increase in the availability of financing for business investment. if the private sector is to play the pivotal role earmarked for it, regional private financial institutions need to adopt more innovative and more supportive financing strategies. one cannot over - emphasize the need for appropriate mechanisms to finance small and medium sized firms that are the likely candidates for niche manufacturing. we will also need to expand the availability of alternative financing options such as leasing and venture capital. undoubtedly, the evolution of the financial sector in the direction envisaged would need to be accompanied by enhanced regional regulation and supervision to minimize the risk of cross - border contagion. the final piece of the financing puzzle should come from the further development and integration of the regional stock market. a first step, involving the cross - listing of twelve securities has already been taken. the next step is the establishment of an integrated regional stock exchange where all member states are linked electronically for the trading in bonds and equities. a fully integrated regional stock exchange would allow firms to have access to a wider market for raising risk capital. in turn, this would allow the productive sectors to become more productive internationally. in conclusion, the implementation of the single economy could put the caribbean region once more on the verge of a new development thrust. if the region is to remain competitive in the global economy, it will need to reconfigure its production structures and raise its level of productivity. but the integration process will require significant financial resources, the source of which is not yet clear. even if external financing is forthcoming, what is certain is that the region will need to increase its level of savings and improve financial intermediation in order to fund its long - term developmental objectives. this is a matter of the greatest urgency since time is not on our side.

industry. specific policies related to the passenger car industry include compliance with euro 4 fuel standards and lower duties on both new vehicles and fuel efficient cars, including hybrids. this is important, especially when we need to look critically at reducing our fuel imports bill, which stands at nearly 30 percent of our total imports bill each year. looking ahead, i can see immense opportunity for the industry. fiji ’ s growing economy has resulted in a wider consumer base and, importantly, today ’ s automobile industry needs to strike the right balance between meeting customer product demands, minimizing costs and their impact on the economy and protecting environmental standards. i understand that asco motors and fiji ’ s automobile industry have moved towards introducing new models which are fuel efficient, affordable and have higher reliability and essentially transforming the future of mobility – which is timely for fiji especially in the event that global fuel prices begin to turn around sharply. the benefits from government ’ s higher capital spending are now clearly seen in our improved roads and other infrastructure. however, an unintended consequence of more affordable automobiles is increased congestion on our roads, as i have highlighted earlier with the growing number of registrations. i am sure we have all been a little frustrated, some more so than others, when caught in the morning and afternoon traffic jams in and around suva. while the scale is no way near the level i have experienced in manila or bangkok we are slowly getting there and it will be critical that the future effectiveness and efficiency of our road systems are addressed in a timely manner. the recent experiences we have been facing with our bridges and overloading of heavy trucks not only exacerbates the delays and travel times, but has a significant economic impact for businesses in general. therefore, in order to keep up with the growing economy and rising vehicle demand, the continued successful implementation of quality and adequate infrastructure as well as adherence to road standard requirements, are essential. concluding remarks ladies and gentlemen, in closing, let me just say that the economy has come a long way in recent years. despite the cyclones this year, there is still a great sense of confidence when we talk with the private sector and when we analyse the consumption and investment data. this year fiji will register its seventh consecutive year of growth. we have not had a similar period of sustained growth since the early 1970s. looking into the future, the near and medium term outlook for the fijian economy remains positive. as for the reserve bank ’ s twin monetary policy objectives, we see