Deputy Prime Minister and Minister for Finance Professor Biman Prasad announced that 49 projects, worth a total of $716 million, have either been initiated or completed and are now operational with the support of Investment Fiji.
Addressing the Rotary Club Luncheon, Prof Prasad emphasized the Coalition Government’s continuous efforts to foster a favorable investment climate in the nation. This is reflected in the variety of investment projects at various developmental stages across the country.
He noted that there are currently 39 projects valued at approximately $1.3 billion under construction, while 22 projects estimated at around $1.5 billion are in the pre-development phase or awaiting approval. Additionally, 27 projects with a value of $2.3 billion are at the conceptual stage.
Moreover, Prof Prasad pointed out that 52 projects, totaling $3.5 billion, are categorized as Foreign Direct Investment, and 85 projects amounting to $2.2 billion are classified as Domestic Direct Investments.
According to the Ministry of Finance, the domestic economy experienced a significant rebound of 20 percent in 2022 after three years of decline. This broad recovery was propelled by stronger-than-anticipated performance in tourism and associated sectors, including wholesale and retail, manufacturing, finance, and agriculture, as well as improved tax collections throughout the year.
“The Fijian economy rebounded sharply from the downturn caused by the pandemic in 2020 and 2021, with GDP surpassing pre-pandemic levels in 2023,” Prof Prasad stated. “Our economic recovery is the fastest among nations reliant on tourism. The resurgence has been significantly driven by a strong recovery in the tourism sector, with visitor arrivals exceeding expectations in 2023.”
He reported that visitor arrivals in 2023 hit a record number of 929,740, which is four percent higher than the previous peak of 894,389 recorded in 2019. The economy, according to Prof Prasad, grew by 7.5 percent in 2023.
Looking ahead, he reiterated the Government’s commitment to restoring fiscal sustainability, reducing debt, enhancing fiscal transparency and accountability, and ensuring quality and targeted expenditure. Prof Prasad noted the progress in fiscal management, with a reduction in the deficit from seven percent of GDP in the 2022-2023 budget to about four percent in the most recent budget and projected at 4.5 percent for the 2024-2025 budget. He also mentioned an anticipated debt-to-GDP ratio of 77.8 percent by July 2025.