Indigenous investment company Fijian Holdings Limited (FHL) has taken a significant step in supporting local economic growth with the commencement of a new commercial development in Korovou, Tailevu. The groundbreaking ceremony, held in partnership with Nawaibuta Properties Pte Limited (NPPL), marks the formal start of this project, which underscores FHL’s commitment to enhancing iTaukei participation in the commercial sector.
Earlier this month, FHL and NPPL signed construction agreements with Design Hut as project managers and Cope Construction Pte Limited as the contractors for the development. The partnership not only reflects FHL’s dedication to economic empowerment for iTaukei landowners but also illustrates how local stakeholders, represented by NPPL and its nine mataqali, are taking initiative in building their own resources.
FHL’s CEO, Jaoji Koroi, highlighted the broader vision behind this project. He stated, “This groundbreaking ceremony is more than just laying a foundation; it’s about building a future where iTaukei landowners and future generations are direct beneficiaries and drivers of economic progress.” This vision aligns perfectly with FHL’s broader impact investment initiative, which has allocated up to $50 million for joint ventures aimed at increasing the economic presence of indigenous resource owners.
The chairman of Nawaibuta Holdings, Waisele Tuidama, expressed gratitude for FHL’s support, particularly noting their challenges in securing financing from traditional banking avenues. With a partnership in place, this project anticipates not only providing commercial space but also creating job opportunities and improving local economic conditions.
The Korovou development is among several projects within FHL’s impact investment portfolio, which has already facilitated the successful launch of multiple ventures to foster indigenous economic engagement. Previous reports detail FHL’s impressive dedication, having invested approximately $14.6 million in various projects aimed at providing sustainable growth for the iTaukei community.
This initiative represents hope for revitalization and economic prosperity in the region, reinforcing FHL’s role as a pivotal player in uplifting indigenous enterprises and contributing to long-term developmental goals in Fiji’s commercial landscape. As this project progresses, it embodies a commitment to a flourishing future where resources are developed by and for the local community.
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