Deputy Prime Minister and Finance Minister Professor Biman Prasad announced that a total of 49 projects, worth $716 million, have either commenced or completed trading with the assistance of Investment Fiji. Speaking at a Rotary Club Luncheon, Prof Prasad emphasized the Coalition Government’s dedicated efforts to foster a conducive environment for investment within the country.
He noted the substantial value of investment projects at various stages of development, revealing that 39 projects valued at approximately $1.3 billion are currently under construction, while 22 projects worth around $1.5 billion are in the pre-development phase or awaiting approval. Additionally, 27 projects valued at $2.3 billion are in the conceptual stage.
Prof Prasad further detailed that 52 projects, with a total value of $3.5 billion, fall under Foreign Direct Investment, while Domestic Direct Investments comprise 85 projects totaling $2.2 billion. According to the Ministry of Finance, the domestic economy saw a robust rebound of 20 percent in 2022, following three years of contraction.
He highlighted that this recovery was buoyed by stronger-than-anticipated performance in tourism and various related sectors, including wholesale and retail, manufacturing, finance, and agriculture, alongside improved net tax collections throughout the year. “The Fijian economy made a significant recovery from the pandemic-induced downturn in 2020 and 2021, with GDP exceeding pre-pandemic levels in 2023,” he stated.
Prof Prasad pointed out that the economic rebound has been the fastest among countries reliant on tourism. This revival has mainly been driven by a strong recovery in the tourism sector, with visitor numbers surpassing expectations in 2023. Visitor arrivals reached a historic peak of 929,740, a four percent increase from the previous record of 894,389 in 2020.
The economy experienced a growth of 7.5 percent in 2023. The government remains committed to restoring fiscal sustainability, reducing debt, enhancing fiscal transparency and accountability, and ensuring targeted quality expenditures in the medium term. “We have reduced our deficit from seven percent of GDP in the 2022-2023 budget to about four percent in the latest budget and projected it to be 4.5 percent in the 2024-2025 budget,” Prof Prasad added, indicating a debt-to-GDP ratio of 77.8 percent anticipated by July 2025.