Trade Minister and Deputy Prime Minister Manoa Kamikamica has announced that two major projects proposed by Pacific Towers, which included a hotel and an apartment complex in Suva, will not proceed. These ventures had garnered considerable attention and were initially discussed late last year by Construction Industry Council President Jon Orton.
The planned structures included a 12-story hotel and a 10-story apartment building. However, Kamikamica explained that the owner of Pacific Towers, who is in his late 70s and nearing retirement, has decided to shift focus to other investments in Asia, as advised by his family. Additionally, it was revealed that the family business was sold, which has further influenced the decision.
Kamikamica reassured stakeholders that although this investment opportunity did not materialize, it should not diminish overall investor confidence in Fiji. He emphasized the importance of understanding the changing priorities of investors as they navigate personal circumstances alongside business interests.
This announcement echoes a larger context of economic activity in Fiji, where Deputy Prime Minister Kamikamica previously noted a projected $2 billion investment pipeline expected to emerge in the near future. This suggests a landscape filled with potential as other investments may continue to flow into the country, showcasing its economic resilience despite specific setbacks.
Overall, while the withdrawal of the Pacific Towers projects is a disappointment, it could pave the way for new investments as Fiji continues to emphasize its position as a welcoming environment for business ventures. Fostering a strong, adaptable investment climate remains crucial as the nation evolves economically.
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