Deputy Prime Minister and Finance Minister Professor Biman Prasad announced that 49 projects amounting to $716 million have either been completed or are currently trading, with support from Investment Fiji. Addressing attendees at the Rotary Club Luncheon, he emphasized the Coalition Government’s ongoing efforts to foster a conducive investment climate in the country.
Prasad detailed the status of various investment projects, noting that 39 projects valued at approximately $1.3 billion are under construction, 22 projects estimated at $1.5 billion are in the pre-development phase or awaiting approval, and 27 projects worth about $2.3 billion are still at the conceptual stage.
Additionally, he stated that there are 52 projects classified as Foreign Direct Investment valued at $3.5 billion and 85 Domestic Direct Investments worth $2.2 billion. The Ministry of Finance reported a strong rebound in the domestic economy, which grew by 20 percent in 2022 after three years of decline.
The recovery has been fueled by a strong performance in the tourism sector and related areas such as wholesale and retail, manufacturing, finance, agriculture, and improved tax collections during the year.
“The Fijian economy has made a robust recovery following the pandemic downturn in 2020 and 2021, with GDP exceeding pre-pandemic figures in 2023,” Prasad stated. He also noted that the country’s recovery has been the quickest among tourism-dependent nations, driven largely by a resurgence in tourism, with visitor numbers surpassing expectations in 2023.
Visitor arrivals reached a record 929,740 in 2023, an increase of four percent from the previous peak of 894,389. The economy experienced a growth of 7.5 percent in 2023.
Looking ahead, the government is dedicated to restoring fiscal sustainability, reducing debt, enhancing fiscal transparency and accountability, and ensuring that expenditures are both quality-driven and targeted. Prasad pointed out the shift from a 7 percent GDP deficit in the 2022-2023 budget to a projected 4 percent deficit in the latest budget, with the 2024-2025 budget expected to show a deficit of 4.5 percent. He forecasted a debt-to-GDP ratio of 77.8 percent by July 2025.