Economy

Fiji’s economy to grow by 2.4 percent this year

The Fijian economy is forecast to grow by 2.4 percent this year, making it the seventh consecutive year of growth since 2010. This was revealed by the Minister of Industry, Trade and Tourism Faiyaz Koya at the New Zealand Fiji Business Council Trade and Investment seminar in Suva yesterday. Minister Koya said the growth has been enabled by […]

Nacanieli Tuilevuka

June 30, 2016 7:55 am

The Fijian economy is forecast to grow by 2.4 percent this year, making it the seventh consecutive year of growth since 2010.

Minister of Industry, Trade and Tourism Faiyaz Koya at the New Zealand Fiji Business Council Trade and Investment seminar in Suva yeterday. (Fijian Government)
Minister of Industry, Trade and Tourism Faiyaz Koya at the New Zealand Fiji Business Council Trade and Investment seminar in Suva yesterday. (Fijian Government)

This was revealed by the Minister of Industry, Trade and Tourism Faiyaz Koya at the New Zealand Fiji Business Council Trade and Investment seminar in Suva yesterday.

Minister Koya said the growth has been enabled by the stable and pro-business and pro-growth policies of the Fijian Government.

KOYA:”We believe that the private sector is a nucleus of economic growth and therefore the government is committed to modernizing our infrastructure and producing a conducive environment that contributes to competitive robust and resilient private sector. Fiji is riding away with investment of over 25%. GDP in the past three years, currently 75% of total investment are private sector.”

Minister Koya said the private sector has been playing a vital role in Fiji’s economic growth over the past few years.

KOYA: “This sector has contributed about seventy-five percent towards total investments in the last three years, supporting the Governments long-term growth strategy.”

Group of Kiwi businessman are in Suva at the New Zealand Fiji Business Council Trade and Investment seminar yesterday. (Fijian Government)
New Zealand businessmen at the New Zealand Fiji Business Council Trade and Investment seminar yesterday. (Fijian Government)

Minister Koya said Fiji provides a vast range of opportunities to investors in the manufacturing and the services sectors such as banking, insurance, and tourism.

KOYA: “The Fijian Government has also untaken review of policies to streamline processes to improve the investment approvals.”

Minister Koya said Fiji-New Zealand bilateral relation over the years has been strengthened through trade and investment.

KOYA:”In terms of trade, in 2015,New Zealand contributed to 14 percent of total imports to Fiji. Exports to New Zealand accounts for approximately 6 percent of total exports. Since 2011, a total of 186 projects with a proposed investment value of $260.31 million from New Zealand have been registered. I am sure these numbers will increase no doubt.”

A group of New Zealand businessmen are also attending the New Zealand Fiji Business Council Trade and Investment seminar, which is aimed at promoting trade and investment opportunities.

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