The government has urged the Fiji National Provident Fund (FNPF) to take a proactive role in investment, leveraging its substantial investment portfolio of approximately $10 billion, particularly in the tourism sector.
During a two-day FNPF Board strategy workshop in Nadi, Deputy Prime Minister and Finance Minister Prof Biman Prasad emphasized the current capacity challenges faced by the industry and suggested that FNPF could contribute to expanding room availability.
“FNPF will be pivotal in our national effort to increase room capacity, which includes optimizing existing hotel assets and pursuing new hotel investments in the future,” Prof Prasad stated. He noted the importance of conducting thorough due diligence, especially regarding potential developments in Suva and Vanua Levu through government and World Bank tourism initiatives.
Additionally, Prof Prasad highlighted that beyond merely increasing room capacity, the hospitality and tourism sectors should also seek ways to enhance the visitor experience.
He pointed out FNPF’s recent acquisition of shares in Fiji Airways during the COVID pandemic and suggested that the fund consider strategic investments in Fiji Airports, which he described as needing substantial capital and improvements for advancement.
“I understand the Fund is already looking into that, and we, as the government, will provide support,” he said.
By investing in key tourism assets such as the airline, airports, and hotels, FNPF would be better positioned to maximize returns for its members while also facilitating the next phase of development in the tourism industry, aligned with the Vision 2050 goal of transforming Fiji into a prosperous nation.
Furthermore, Prof Prasad proposed that FNPF explore opportunities in two additional sectors: retirement homes and tertiary healthcare.