The government’s increased engagement in the economy and regulatory measures is hindering business growth and investment. This concern was highlighted in the National Development Plan (NDP) report, which emphasized that the ongoing discussion about the government’s role in Fiji is crucial to the country’s quest for economic resilience.
The report indicated a shared belief that the government’s interventionist and overly regulatory approach has limited and overshadowed private sector investment, posing a challenge to economic growth. In response, the Fiji Government intends to adjust its development strategy to more effectively support private sector initiatives, which includes gradually minimizing its direct involvement in economic activities and avoiding competition with private businesses.
A key aspect of this new strategy is creating a favorable environment for private sector development, marked by policy consistency and boosted investor confidence. The government’s revised approach will focus on four main areas.
Firstly, it aims to limit its economic footprint to prevent inhibiting private sector expansion. Secondly, it seeks to streamline public service facilitation of private sector activities and investments by eliminating regulatory obstacles. Thirdly, the government will provide quality public goods based on well-planned public sector spending. Finally, it plans to foster public-private partnerships where appropriate to support overall growth.
The report underscores the government’s dedication to cultivating an environment where private sector investment can flourish, ultimately benefiting the broader economy and the people of Fiji.