A $2 billion investment pipeline is expected to emerge over the next year, according to Deputy Prime Minister and Minister for Trade Manoa Kamikamica.
During his welcome speech at the opening night of the 2024 Fiji-Australia Joint Forum in Suva, Mr. Kamikamica shared that Investment Fiji, an entity under his ministry, reports that total investments in Fiji are currently valued at approximately $6.1 billion, which he described as a strong indicator of the country’s dynamic economic activity and potential.
He expressed optimism, stating, “I personally expect that about $2 billion of this pipeline will come on stream in the next six to 12 months.” He emphasized that this development would bolster Fiji’s economic momentum.
Mr. Kamikamica attributed this growth to strategic decision-making, investments, political stability, and the commitment of the workforce, especially as the nation navigates global uncertainties. “This data affirms the resilience of our economy,” he commented.
Highlighting the significance of international agreements, he discussed Fiji’s involvement in the Indo-Pacific Economic Framework (IPEF), which includes Australia and comprises 40 percent of the world’s GDP and population, along with a third of global trade. “Fiji has never been part of such a powerful initiative and we expect IPEF to open economic and investment doors for the country,” he noted.
Additionally, he mentioned the recent interim Economic Partnership Agreement signed between Fiji and the European Union, which will enable Fiji to leverage its global sourcing clause. He explained that this would allow companies like PAFCO (the government-owned Pacific Fishing Company) to export more to the EU, tapping into additional capacity.
Mr. Kamikamica stated that Fiji is proactive in addressing issues like harmful subsidies that threaten ocean resources, highlighting the $20 billion in annual subsidies and the importance of the Pacific taking ownership of its waters, which contain 60 percent of global tuna stocks.
He concluded by reminding investors of the opportunities that Fiji presents as an investment destination, especially through its participation in international trade agreements, which have created new business avenues and solidified Fiji’s role as a competitive player in the global marketplace.