Fiji has seen a remarkable economic boost, receiving $4.5 billion in remittances from 2019 to 2023, according to Deputy Prime Minister and Minister for Trade Manoa Kamikamica. In an update to Parliament regarding the USA-Fiji Investment and Savings Drive 2024, he highlighted the significant role of the Fijian diaspora in driving economic growth and investment in the country.
Mr. Kamikamica pointed out that remittances from abroad are vital to Fiji’s economy, constituting nearly 10 percent of the nation’s GDP. The United States ranks as the second highest source of remittances at 24 percent, while Australia leads at 44 percent. In the recent 2022-2023 period, personal remittances surged by 23.2 percent, amounting to $1.1723 billion, reflecting an average growth of about 17 percent since 2019.
Many members of the Fijian diaspora, particularly those in the United States, Canada, Australia, and New Zealand, have expressed a strong desire to invest back home and contribute to Fiji’s development. Through the savings and investment initiative, efforts are being made to provide essential information and support to facilitate such investments. In just six days of the program, over 100 diaspora members engaged, leading to new investments exceeding $1 million.
This initiative clearly demonstrates the potential for collaborative efforts to harness the desires of the Fijian diaspora for the country’s advancement, paving the way for a brighter economic future.
Summary: Fiji has benefited significantly from remittances, totaling $4.5 billion from 2019 to 2023, with a 23.2% increase in recent years. Efforts to foster investment from the diaspora through the USA-Fiji Investment and Savings Drive show promising engagement as Fijians abroad seek to contribute to their homeland’s growth. The initiative reflects the power of collaboration and community support in shaping a stronger economic foundation for Fiji.
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