A significant concern regarding the growth of iTaukei-owned businesses in Fiji has been raised by Filimone Waqabaca, Chief Executive Officer of the Fiji Development Bank (FDB), during the Fiji Indigenous Business Council (FIBC) 2025 Symposium held in Lami. Waqabaca pointed out that a general lack of aggression is a notable weakness for these businesses, which constitute 40 percent of FDB’s total accounts, valued at approximately $96 million across various sectors including wholesale/retail, agriculture, and professional services.
Waqabaca emphasized the need for iTaukei businesses to cultivate competitiveness by improving their financial management practices, which includes bookkeeping, accounting, and cash flow management. He noted that these essential disciplines are often taken lightly but are critical for securing financial support from institutions like the FDB.
Building on the symposium’s theme of networking, he encouraged iTaukei business owners to collaborate and support each other across different sectors. This message aligns with the urges from previous discussions led by the Minister for iTaukei Affairs, Ifereimi Vasu, who has frequently highlighted that only five percent of businesses in Fiji are iTaukei-owned. Vasu has stressed the need for collective empowerment and cooperation in fostering entrepreneurship within the community.
Overall, the discussions from the symposium and the emphasis on building a supportive network capture a hopeful outlook for the future of iTaukei entrepreneurship. With a focus on collaboration, improved management practices, and community enhancement, there lies a promising opportunity for growth in the iTaukei business landscape, which can ultimately contribute to the economic advancement of Fiji as a whole.
Leave a comment