Fiji’s government is focusing its economic growth strategy on Vanua Levu, designating the region as a key hub for development over the next two decades. Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, made this announcement at a recent post-budget gathering at the Grand Pacific Hotel in Suva. He underscored Vanua Levu’s potential as a crucial center for various resource sectors, including agriculture, fisheries, and forestry.
Prasad acknowledged that while tourism remains vital to Fiji’s economy, there is a noticeable upward trend in resource sectors which are expanding rapidly. “The first quarter figures show good growth,” he stated, despite some challenges from key tourism markets. The Deputy Prime Minister highlighted positive signals from the Reserve Bank of Fiji, indicating increased confidence from investors towards land-based industries, suggesting a necessary shift in economic focus from traditional sectors.
He encouraged potential investors to consider opportunities in agriculture, fisheries, and aquaculture, important areas for sustainable growth. Additionally, Prasad pointed out that the government has been proactive in promoting economic diversification and growth through various budget incentives, including tax breaks and investments in renewable energy projects aimed at climate mitigation.
Emerging industries, particularly the business process outsourcing (BPO) sector, are also being cultivated, with Fiji now ranking among the top four global destinations for such operations. Major infrastructure improvement efforts are underway, including investment from tech giants like Google to enhance digital connectivity in Vanua Levu, positioning the region for significant growth in the digital economy.
The government’s comprehensive strategy remains focused on bolstering all sectors that lead to a resilient and inclusive economy, emphasizing the vast potential in the resource sectors. With a youthful population and a trend towards urban migration, there exists a significant opportunity to leverage the natural resources and workforce in Vanua Levu for long-term sustainable growth.
Overall, this strategic emphasis on Vanua Levu’s economic development carries a hopeful outlook as the country navigates its path towards enhanced prosperity. By fostering investment in various sectors and improving connectivity and infrastructure, Fiji is taking significant steps towards a brighter and more inclusive economic future.
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