Fiji has experienced a significant economic uplift, receiving $4.5 billion in remittances from its diaspora between 2019 and 2023, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. During a recent update to Parliament on the USA-Fiji Investment and Savings Drive 2024, he highlighted the importance of Fijians abroad in contributing to the country’s economy.
Kamikamica noted that the feedback from the initiative has been overwhelmingly positive, presenting investment and savings opportunities for the diaspora while bolstering Fiji’s economic landscape. The Deputy PM emphasized that remittances have been instrumental in the development of various sectors, accounting for nearly 10 percent of Fiji’s GDP and significantly aiding countless households and businesses nationwide.
According to Kamikamica, Australia ranks as the leading source of remittances at 44 percent, followed by the United States at 24 percent. The period of 2022-2023 saw personal remittances increase by 23.2 percent, reaching $1.1723 billion. He pointed out that since 2019, these remittances have risen at an average rate of approximately 17 percent annually.
Highlighting the eagerness of Fijians abroad, particularly those in the US, Canada, Australia, and New Zealand, Kamikamica stated that many are interested in investing back in Fiji, planning for retirement, and playing an active role in the nation’s progress. The recent initiative aims to provide crucial information, access, and support to bridge any gaps within the diaspora.
In just six days, over 100 members engaged in the initiative, leading to new diaspora investments exceeding $1 million. Kamikamica expressed optimism about the potential achievements that can be made when the government focuses on engaging with and assisting its citizens for the overall betterment of Fijians.
This narrative sheds light on the power of remittances in fostering economic growth and community support, reinforcing how initiatives that connect diaspora members can lead to fruitful results for the home country.
In summary, Fiji is witnessing a remarkable economic contribution from its overseas citizens, with remittance flows playing a crucial role in national development and community upliftment. The ongoing engagement between the government and the diaspora community holds immense promise for future growth and investment opportunities in Fiji.
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