The Fiji National Provident Fund (FNPF) has announced its involvement in a significant $250 million tourism project, poised to be unveiled today. This project marks a “significant milestone for Fiji”, expected to create approximately 500 jobs and generate an impressive $26 million in income for the nation.
The ambitious real estate initiative includes partnerships with BSP Bank and Australian company Realcorp, led by its founder Bob Lowres, who previously developed Naisoso Island. Realcorp has reported strong market interest, with $181 million in sales already secured, indicating confidence that the entire project will be sold out by its expected completion date in late 2026.
FNPF’s growing stake in the tourism sector has been noteworthy over the years, highlighted by its acquisition of several major hotels and a 30% stake in Fiji Airways during the COVID-19 pandemic. The recent annual report for 2024 confirms that these investments are yielding favorable returns, benefitting from the resurgence in tourism activities.
The FNPF’s significant investments have positioned it as one of the largest property owners in Fiji, with notable holdings that include prominent hotels like the InterContinental Fiji Resort & Spa and the Marriott Resort at Momi Bay, among others. The fund’s involvement not only provides financial returns but also supports job creation and economic growth in the tourism sector.
Deputy Prime Minister and Finance Minister Prof. Biman Prasad has previously emphasized the pivotal role of the FNPF in enhancing Fiji’s accommodation capacity and investment landscape in tourism. This aligns with the government’s labor intentions to ensure sustainable economic development, particularly as tourism continues to recover post-pandemic.
Overall, this new project promises to be an impactful contributor to Fiji’s economy, revitalizing the job market and enhancing the country’s appeal as a prime tourist destination. As the tourism sector rebounds, such developments bode well for Fiji’s future, showcasing its commitment to fostering a resilient and prosperous economy.
This optimistic outlook is reinforced by recent government initiatives aimed at streamlining investment opportunities, ensuring that Fiji remains a favorable location for both domestic and international investment.
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