, architecture and so forth, as it requires a high degree of integrity and accountability. therefore, to strengthen the effectiveness of the engineering profession, they need to be regulated by the fiji institute of engineering ( fie ), with an appropriate code of conduct. why regulate? we view the profession of engineering, plays an important role in the building of an economy such as fiji. developments, whether they are infrastructure, private, public or tourism based cannot take place without proper input from professional engineers. it is for this reason, the profession of engineering must be regulated. • for legislative efficiency to have a comprehensive, consistent statutory registration system for engineers that would alleviate inconsistencies across jurisdictions. • for professional recognition so that the set of standards and skills expected of the engineers are maintained. • and finally for the industry / consumer efficiency to provide consumers with the level of experience and skills that is required of the engineer. way forward ladies and gentlemen, let me emphasise that we cannot operate in isolation. the fiji government, in its 2010 budget address, amongst other key important economic goals, announced the following medium term macro economic targets. the three key targets i have chosen, work hand in hand : 1. investment is to be raised to above 25 % of gdp ; 2. economic growth is to be increased to 5 % over the medium term ; 3. employment – annual employment rate is to increase by 3 %. concluding remarks we need to achieve higher investment and growth. clearly, we – • need higher private sector investments ; • need public and private sector partnership ; • need to speed up structural reforms. finally, i would like to congratulate mr pratarp singh and the fiji institute of engineers for organising this important seminar and bringing together the relevant key stakeholders. bis central bankers ’ speeches henry ford once said that : “ coming together is a beginning ; keeping together is progress ; working together is success ” vinaka vakalevu, dhanyavad bis central bankers ’ speeches

. amputch. the committee ’ s broad terms of reference were to “ consider the adequacy of existing building standards as prescribed by law and make recommendations for improvements ”. in 1985, the government of fiji officially charged the fbsc with the responsibility of coordinating the preparation of the national building code. the committee was also charged with the responsibility of exercising surveillance and control on the standards of building materials imported into the country. the development of the national building code was funded and carried out through australian aid, while the operations of the fbsc consisted of the initial contributions from government and the private sector. in 1990, the australian government handed over the draft documents of the fiji national building code and the home builders manual to the fbsc, upon which the committee approved in principle the technical aspects of the draft documents submitted. the administration of the fbsc was later transferred to the ministry of trade and commerce in 1993 due to the enactment of the fair trading and quality control decrees. in october 2004, the fiji national building code was passed in parliament, however falling within the ambit of the fiji public health act cap 111. why is the national building code important to our role as the supervisor of the fiji insurance industry? as we all know, fiji is prone to natural disasters like any other country and insurance provides a means of sharing the risks or losses resulting from such disasters. in order to be insured, one must meet the underwriting standards of insurers, which include being nbc compliant, a condition set by reinsurers, as alluded to earlier. therefore, the national building code is the “ bridge ” providing the link between the insured, insurer and reinsurer. meeting the requirements of the national building code is so important these days that even lenders require projects to be nbc compliant and insured, before funding is approved. it can bis central bankers ’ speeches be noted therefore, that compliance with the national building code and insurance industry guidelines contributes to the reduction in economic and financial losses. the reserve bank ’ s role as the supervisor / regulator is to contribute to public confidence in fiji ’ s financial system and safeguarding insurance policyholders and bank depositors from undue financial loss. to be an effective supervisor, the reserve bank participates in various forums to communicate with the industry and the public on its expectations amongst other forms of public medium such as publications, press releases and workshops. regulating engineers the profession of engineering is similar to that of accounting, medicine, law