Deputy Prime Minister and Finance Minister Professor Biman Prasad announced that 49 projects, with a combined value of $716 million, have either commenced or completed their trading phase, all facilitated by Investment Fiji. During his address at a Rotary Club Luncheon, Prasad emphasized the Coalition Government’s dedication to fostering a favorable investment environment in the country.
He pointed out the ongoing growth in investment projects at various developmental stages. Currently, there are 39 projects under construction valued at approximately $1.3 billion, along with 22 projects in the pre-development or approval phase worth around $1.5 billion. Additionally, 27 projects are still in the conceptual stage, totaling an estimated $2.3 billion in value.
According to the Ministry of Finance, there are 52 projects classified as Foreign Direct Investment with a total value of $3.5 billion and 85 projects designated as Domestic Direct Investments valued at $2.2 billion.
The domestic economy saw a robust rebound of 20 percent in 2022 after experiencing three consecutive years of contraction. Prasad attributed this recovery to better-than-expected performance in tourism and related sectors—such as wholesale and retail, manufacturing, finance, and agriculture—along with improved tax collections throughout the year.
“The Fijian economy has bounced back strongly from the downturn caused by the pandemic in 2020 and 2021, with GDP surpassing pre-pandemic levels in 2023,” Prasad stated, noting that the economic recovery is among the fastest of other tourist-dependent nations. The resurgence has notably been driven by a robust recovery in the tourism sector, with visitor arrivals in 2023 reaching an all-time high of 929,740—4 percent higher than the previous peak of 894,389 in 2019.
In 2023, the economy grew by 7.5 percent. Prasad also highlighted the government’s commitment to restoring fiscal sustainability, reducing debt, and improving fiscal transparency and accountability in the medium term. He detailed a reduction in the deficit from 7 percent of GDP in the 2022-2023 budget to about 4 percent in the following budget, with expectations for a 4.5 percent deficit in the 2024-2025 budget. The debt-to-GDP ratio is anticipated to be 77.8 percent by July 2025.