Deputy Prime Minister and Minister for Finance Professor Biman Prasad announced that 49 projects, worth $716 million, have either commenced or completed and are now trading, facilitated by Investment Fiji.
Speaking at a Rotary Club Luncheon, Prof Prasad emphasized that these developments reflect the Coalition Government’s continual efforts to establish a favorable investment climate in the country. He pointed out the significant investment projects currently at various stages of development across Fiji.
Additionally, Prof Prasad noted that there are 39 projects valued at approximately $1.3 billion currently under construction, 22 projects estimated at around $1.5 billion in the pre-development phase or awaiting approval, and 27 projects with a combined value of $2.3 billion in the conceptual stage.
He further reported that 52 projects, amounting to $3.5 billion, are categorized as Foreign Direct Investment, while 85 projects valued at $2.2 billion represent Domestic Direct Investments.
The Ministry of Finance indicated that the domestic economy experienced a strong rebound of 20 percent in 2022 after three years of decline. This recovery was largely driven by better-than-expected performance in tourism and related sectors, including wholesale and retail, manufacturing, finance, agriculture, and improved net tax collections during the year.
“The Fijian economy has shown a robust recovery from the pandemic-induced downturn of 2020 and 2021, with GDP surpassing pre-pandemic levels in 2023,” noted Prof Prasad, adding that the recovery is the fastest among countries reliant on tourism. The tourism sector has been pivotal, with visitor arrivals exceeding expectations in 2023.
Prof Prasad reported that visitor numbers in 2023 reached an unprecedented high of 929,740, surpassing the previous peak of 894,389 in 2020. The economy grew by 7.5 percent in 2023.
Looking ahead, he stated that the Government is committed to reestablishing fiscal sustainability, decreasing debt, enhancing fiscal transparency and accountability, and ensuring quality-focused expenditures.
“We have reduced the budget deficit from seven percent of GDP in the 2022-2023 budget to about four percent in the subsequent budget, aiming for 4.5 percent in the 2024-2025 budget,” explained Prof Prasad, who projected a debt-to-GDP ratio of 77.8 percent by July 2025.