Boat owners will continue to inject money into the local economy as long as their vessels remain in Fiji, stated Vuda Marina general manager Adam Wade.
During the 2024-2025 National Budget, the allowed duration for yachts to stay in Fiji waters was shortened to 24 months, a decision Wade claims will significantly impact the yachting sector.
“Yachts were previously permitted to remain in Fiji for 54 months; now it has been reduced to 24,” Wade remarked at the Nadi Chamber of Commerce and Industry’s post-budget consultations in Nadi.
He highlighted that prior to the COVID-19 pandemic, the yachting industry contributed approximately $60 million to the economy, a figure that has now surged to over $100 million.
“It is a niche market, and as long as boats are in Fiji, they will spend money. Yachtsmen will spend on food, shopping, and their friends and families will stay in hotels,” Wade elaborated.
He also noted that Vuda Marina’s workforce has expanded to 110 employees, reflecting an 80 percent increase in recent years.
“It is a wide-reaching industry, and nearly all marinas in Fiji are locally owned. This decision affects everyone significantly. Virtually all yachts arriving bring tourists, funneling foreign reserves directly into the country,” Wade explained.