Trade Minister and Deputy Prime Minister Manoa Kamikamica announced that two significant development projects proposed by Pacific Towers, encompassing a hotel and an apartment complex in Suva, will not proceed. Initially discussed last year by Construction Industry Council President Jon Orton, these developments included plans for a 12-story hotel and a 10-story apartment building.
However, it was revealed that the owner of Pacific Towers, currently in his late 70s and nearing retirement, has opted to focus on new investments in Asia, influenced by his family’s advice. Furthermore, the family’s recent sale of their business had a substantial impact on this decision.
Kamikamica conveyed to stakeholders that while this particular investment opportunity has fallen through, it should not undermine investor confidence in Fiji. He highlighted the importance of adapting to changing investor priorities, which may arise from personal circumstances intertwined with business decisions.
This situation occurs within a broader economic perspective in Fiji, where Kamikamica previously indicated a projected $2 billion investment pipeline on the horizon. This signals ongoing potential as other investments may continue to pour into the country, showcasing its economic resilience in the face of specific challenges.
While the withdrawal of the Pacific Towers projects is unfortunate, it may potentially create space for new investment opportunities. Fiji remains committed to nurturing a dynamic investment climate, reinforcing its reputation as an inviting location for business ventures. This adaptability will be key as the nation progresses economically, fostering hope for future developments.
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