An allocation of $3 million has been approved to support iTaukei landowners in Fiji, enabling them to enhance their business ventures. Ifereimi Vasu, the Minister for iTaukei Affairs, highlighted the economic challenges faced by the iTaukei community, where a significant portion lives in poverty, as demonstrated by a report from the Fiji Bureau of Statistics indicating that 75 percent of iTaukei individuals are affected.
In 2024, the iTaukei Land Trust Board (TLTB) financially backed a total of 46 iTaukei businesses, with aid directed towards both cooperative and individual business initiatives. This funding will empower community members to leverage their resources and interests in starting or expanding businesses.
Vasu emphasized that the newly established iTaukei Trust Fund Investment will further support landowners, requiring no initial deposit for individuals registered in the iTaukei registry, known as Vola ni Kawa Bula (VKB). The fund provides a low-interest rate of 2.5% to encourage participation and is designed to aid both collective business trust initiatives and individual entrepreneurs. The total allocation includes $4 million earmarked for landowning companies or trusts and $2 million, divided into support for individual landowners and ecotourism operators.
The Minister expressed optimism, stating that the Coalition Government is committed to creating initiatives aimed at reducing poverty and empowering the iTaukei community through entrepreneurship. He urged community engagement and participation in these programs to foster sustainable economic growth.
Additionally, this initiative aligns with ongoing efforts to promote financial literacy and enhance business skills within the iTaukei community. Workshops and practical investments have been introduced to ensure landowners are well-prepared to navigate the business landscape, marking a hopeful step towards greater economic independence.
As these efforts unfold, the potential exists for significant positive change, inspiring a new era of entrepreneurship and self-sufficiency in the iTaukei community, enhancing their overall economic resilience.
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