The recent revelation that fewer than five percent of businesses in Fiji are owned by iTaukei individuals paints a grim picture of economic inclusion in the nation more than five decades after independence. Deputy Prime Minister and Minister for Finance Prof. Biman Prasad identified this statistic as a significant collective setback, urging a unified approach to rectify the situation.
At a recent conference hosted by the Fiji Indigenous Business Council, Prof. Prasad highlighted the stark contrast between land ownership and business participation, noting that while over 90 percent of land and nearly all natural resources are owned by indigenous peoples, translating these assets into viable businesses poses a constant challenge. He pointed to various barriers that have historically hindered increased iTaukei business participation, including inadequate infrastructure, limited access to startup capital, a lack of essential business skills, and regulatory delays.
Prof. Prasad emphasized that the socio-economic development of the iTaukei community is crucial for the overall national well-being and unity. To address these challenges, he outlined the National Development Plan’s (NDP) initiatives aimed at empowering indigenous communities economically. This includes reviewing administrative structures, enhancing collaborative economic development through cultural frameworks, and unlocking the potential of cultural and natural resources for business development.
The NDP also calls for targeted strategies such as implementing incentives for indigenous entrepreneurs, boosting financial literacy, and reforming land legislation to empower iTaukei landowners to assume a more active role in business.
The issues highlighted resonate with previous discussions by Ifereimi Vasu, the Minister for iTaukei Affairs, who has recognized the urgent need for a cultural shift within the community to enhance business ownership among iTaukei individuals. He emphasized the role of collaboration and mutual support as pathways to greater economic inclusion.
Overall, these initiatives signal a positive and hopeful direction for Fiji’s indigenous business landscape. With collective effort and commitment to fostering entrepreneurship, there exists potential for a flourishing network of iTaukei business owners who can significantly contribute to the nation’s economy, thereby transforming current setbacks into opportunities for sustainable growth and success.
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