Deputy Prime Minister and Minister for Finance Professor Biman Prasad announced that 49 investment projects worth $716 million have either commenced or been completed, facilitated by Investment Fiji. At a Rotary Club Luncheon, he emphasized the Coalition Government’s efforts to foster a conducive investment environment in the country.
He pointed out that there are currently 39 projects under construction valued at approximately $1.3 billion, 22 projects in the pre-development or approval stage worth around $1.5 billion, and 27 projects at the conceptual stage totaling $2.3 billion. Additionally, 52 projects, classified as Foreign Direct Investment, are valued at $3.5 billion, while domestic projects account for 85 initiatives worth $2.2 billion.
According to the Ministry of Finance, the domestic economy has bounced back strongly, recording a 20 percent growth in 2022 after three consecutive years of decline. The recovery was attributed to an unexpected surge in tourism and related sectors, including wholesale and retail, manufacturing, finance, and agriculture, alongside improved tax collections.
“The Fijian economy has rebounded robustly from the pandemic downturn of 2020 and 2021, with GDP exceeding pre-pandemic levels in 2023,” said Prof Prasad. He noted that Fiji’s economic recovery is the quickest among tourist-dependent nations, driven mainly by a strong resurgence in tourism, which saw visitor numbers exceed expectations in 2023.
Visitor arrivals reached a record high of 929,740 in 2023, surpassing the previous peak of 894,389. The economy is reported to have grown by 7.5 percent during the same year.
Looking ahead, Prof Prasad reiterated the government’s commitment to achieving fiscal sustainability, reducing debt, enhancing fiscal transparency, and ensuring targeted expenditure. He highlighted a shift from a deficit of 7 percent of GDP in the 2022-2023 budget to approximately 4 percent in the latest budget, with projections of 4.5 percent in the 2024-2025 budget. He concluded that the debt-to-GDP ratio is anticipated to reach 77.8 percent by July 2025.