FIJI's former Reserve Bank governor says the private sector is an important stakeholder because its like the oil to the engine of development in any economy.
Savenaca Narube said this on Tuesday when he made a presentation on the challenges of the global economic crisis and its likely solutions.
At the one hour presentation, Mr Narube said the private sector is an important partner in development and investment.
He said government of the day in any country should support and promote the private sector because they have contributed so much to economies.
"The private sector development is important because they are oil of the engine of development in any country," he said.
Mr Narube, who was removed from his job with the Fiji Reserve Bank by interim Prime Minister Commodore Frank Bainimarama more than a year ago, said private sector support cannot be ignored.
He said in the region this sector provides for jobs and investment.
"They help contribute to the growth of the economy and must continue to be recognised by governments," he said.
By MOFFAT MAMU
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