Hotelier and Fiji Development Bank Chair Damend Goundar recently expressed his commendation for the government’s national budget, calling it a bold and progressive move aimed at advancing the tourism and housing sectors. Speaking at a post-budget forum, Goundar highlighted the introduction of investment incentives for tour and excursion operators, which he believes will significantly bolster investment in tourism.
“This is something that should propel investment in that area. And I’m very certain that a lot of the tourism operators will take advantage of this and be part of it,” Goundar stated, indicating a strong optimism for the future prospects of Fiji’s tourism industry.
Goundar also praised the government’s decision to allow the Fiji Development Bank to resume offering home loans, a service that had been discontinued since 2006. He pointed out the pressing issue of high housing costs, asserting, “We need to come up with products so that our young people who are paying rental of about $600 to $1,000 a month are able to get access to funding so that they can own a home.”
Deputy Prime Minister and Finance Minister Professor Biman Prasad echoed Goundar’s sentiments, emphasizing that the budget is structured to stimulate local spending, increase incomes, and strengthen key sectors like tourism and infrastructure. Despite the budget showing a substantial deficit of 22.5%, Prasad described these initiatives as a part of a broader strategy to attract investment and sustain economic growth amidst global uncertainties.
The positive reception of the budget aligns with sentiments shared by the Fiji Hotel and Tourism Association (FHTA), which also praised the focus on essential sectors including infrastructure and health services. The reduction of the Value Added Tax (VAT), from 15% to 12.5%, was highlighted in previous discussions as a vital measure to ease financial burdens on families while promoting consumer spending.
The collaborative effort seen in these budget discussions, underscored by community engagement and shared goals, presents a hopeful trajectory for Fiji’s economic recovery and growth. With a focus on key sectors and investment in infrastructure, there is potential for the country to foster an environment conducive to enhanced quality of life for its citizens.
This new budget ultimately reflects a collective commitment to building a resilient and inclusive economy, paving the way for long-term stability and improved well-being for all Fijians.
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