Fiji has experienced a significant financial uplift, receiving $4.5 billion in remittances from 2019 to 2023, according to Deputy Prime Minister and Minister for Trade Manoa Kamikamica. During a recent update to Parliament regarding the USA-Fiji Investment and Savings Drive 2024, Mr. Kamikamica highlighted the vital contribution of the diaspora community to the nation’s economy.
He emphasized that the remittances play a crucial role, accounting for nearly 10 percent of Fiji’s Gross Domestic Product (GDP), and directly supporting numerous households and businesses within the country. The United States ranks as the second largest source of these remittances, making up 24 percent, while Australia leads with 44 percent.
Personal remittances saw an increase of 23.2 percent, totaling $1.1723 billion in the 2022-2023 period, continuing a trend of 17 percent average growth since 2019. Many Fijians living abroad, particularly in the US, Canada, Australia, and New Zealand, have expressed a desire to invest back home, plan for retirement, and actively engage in the country’s development.
The USA-Fiji Investment and Savings Drive aims to address information and support gaps for diaspora members, facilitating investment initiatives. Over the course of six days, new diaspora investments exceeding $1 million have already been recorded.
This remarkable scenario illustrates the immense potential that arises when the government collaborates with its diaspora, enhancing economic growth and promoting a sense of community and investment in the nation’s future.
In summary, Fiji’s robust receipt of remittances is not only vital for its economy but also highlights the active desire of its diaspora to contribute meaningfully to their homeland. This partnership promises a hopeful path toward sustainable development for the nation.
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