The Great Council of Chiefs (GCC) is taking significant steps towards establishing a national endowment fund aimed at securing long-term financial stability for all 14 provinces in Fiji, while also enhancing the participation of iTaukei in the economy. The initiative, championed by GCC Chair Ratu Viliame Seruvakula, is designed to create a holding entity focused on generating income and safeguarding indigenous communities against future economic shocks.
Drawing inspiration from the foundational concept of Fijian Holdings, which aimed to incorporate iTaukei people into the formal business sector, the GCC is now contemplating a similar investment strategy. This new model will function as an endowment fund, ensuring that capital is preserved while earnings are allocated to support provincial development.
Ratu Seruvakula highlighted that the proposed endowment fund would share characteristics with Singapore’s sovereign wealth fund, which is renowned for providing long-term financial security to its citizens. Such a financial mechanism would serve as a safety net for iTaukei communities, particularly in times of crisis, including pandemics, natural disasters, or economic downturns.
The COVID-19 pandemic has starkly illustrated the vulnerability of many families and regions when established income sources are disrupted. In response to these challenges, Ratu Seruvakula emphasized the importance of iTaukei leadership adopting proactive measures to equip future generations against debt and hardship.
He further stated that while unforeseen global and national crises are inevitable, implementing a well-managed endowment fund could position provinces to be better prepared and reduce their reliance on emergency assistance. The GCC firmly believes that this initiative will not only enhance economic independence but also deliver enduring benefits for iTaukei populations across Fiji.
The establishment of this endowment fund reflects a hopeful vision for the future of iTaukei in Fiji, merging economic security with community development, ultimately striving for a more resilient and self-sufficient society.
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