Fiji is currently advancing infrastructure projects valued at over $1 billion, highlighting the robust state of the nation’s construction sector. This announcement was made by Finance Minister Professor Biman Prasad during the Fiji Association of Architects awards event in Suva last Friday.
The Minister emphasized that investing in infrastructure extends beyond just constructing roads, bridges, and buildings. He asserted that such investments are vital for community growth, business expansion, and the flourishing of industries. Strong infrastructure is essential for creating economic opportunities, ultimately enhancing the quality of life for every Fijian.
Prof. Prasad also noted the government’s strategic actions aimed at stabilizing the country’s finances. Following the second budget, Fiji has fostered considerable confidence in its financial recovery, prompting a revision of the economic growth forecast from 2.8% to 3.8%, with potential expectations to reach 4%. He reported a growth in tourism numbers, countering prior predictions with an increase of approximately 6.5% compared to the same period the previous year. Additionally, remittances remain strong and are anticipated to surpass previous years.
Infrastructure projects worth over a billion dollars are underway along with a notable 19.4% increase in business lending. Prof. Prasad expressed optimism about the economic environment and its supportive role for architects and the broader construction industry. He commended Fiji for boasting high-caliber architects whose work contributes significantly to economic confidence.
The Minister also touched on a comprehensive review of the health sector by the World Bank, revealing that reforms aimed at enhancing public health facilities would lead to an investment of approximately $650 million over the next three to four years. This initiative is expected to create substantial opportunities for investors and professionals in the field.
This proactive approach towards infrastructure and health reform underscores Fiji’s commitment to driving economic growth and improving the quality of life for its citizens.
In summary, Fiji is experiencing a significant economic boost due to major infrastructure investments, which are set to enhance both community welfare and business growth. The positive trends in tourism and remittances further reinforce the country’s recovery and growth trajectory, promising a hopeful future for Fijians.
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