Fiji’s economy is showing promising signs of recovery, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, who recently addressed Parliament on the nation’s economic condition. He remarked that after 27 months, the economy is rebounding to pre-pandemic levels, with growth revised to 3.8 percent for 2024 and an anticipated 3.4 percent growth in 2025. With foreign reserves at $3.7 billion, equating to 5.9 months of import cover, Kamikamica conveyed confidence in the financial system’s liquidity of $2.2 billion and a significant private sector lending growth of 11.4 percent as of January 2025.
Kamikamica highlighted a robust investment pipeline estimated at $6 billion, which has the potential to reach $10 billion if ongoing investment discussions materialize. “Our prudent policies, pro-business approach, and commitment to fiscal discipline have positioned Fiji very well as the trade, investment, aviation, logistics, and tech hub of the Pacific,” he stated, setting a forward-looking agenda for sustainable growth.
The discussion echoed sentiments previously expressed by Fiji’s President Ratu Naiqama Lalabalavu and other government officials about the need for economic diversification to mitigate vulnerabilities tied to external shocks, especially given the ongoing global uncertainties. This aligns with the focus on sectors like agriculture, tourism, and the pivotal role of micro, small, and medium enterprises (MSMEs) in driving economic resilience.
Kamikamica detailed five primary deliverables under his ministry focused on enhancing economic diversification, improving the ease of doing business, supporting MSMEs and cooperatives, driving digital transformation, and raising standards regarding legislation and regulations in Fiji.
The remarks indicate a collective aspiration among government officials to foster a more inclusive, dynamic economy that not only strives for growth but also seeks to improve the quality of life for all Fijians. With the combination of strategic investments, a commitment to infrastructure development, and bolstering local industries, Fiji stands poised on a hopeful trajectory towards a thriving and resilient economic future.
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