Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development and Statistics, Hon. Prof Biman Prasad,
Ms Ravina Lata, Director Rialto Properties,
Mr Peni Komainavoka, Registrar of Real Estate Agents Licensing Board,
Invited Guests and Industry Stakeholders,
Ladies and Gentlemen,
Bula Vinaka and a very good evening to you all.
Many congratulations to Ms Ravina Lata for her new venture. This must be really exciting, and you must be all ready to explore new heights in your career and your investments. I am glad and honored to be part of your celebrations.
I would like to commend your confidence and enthusiasm to join the real estate industry. You are among the few women in this industry setting the foundation for more women to seriously consider a career in the real estate industry. Your participation in this sector is clearly evident that this is not a male dominated industry and that women will continue to stamp their mark in any field they set their vision on.
As the Minister responsible for Micro, Small and Medium Enterprises (MSMEs), it is important to ensure that necessary support is provided in growing your business. In my Ministry, we have a dedicated team solely to provide business advisory services for MSMEs to grow. MSME Fiji has the specialised knowledge and skills to assist Fijians to consider business ventures or to grow their ventures. Because when your business grows, the economy grows. That is our shared success.
Ladies and Gentlemen,
I also oversee various industries in which real estate is one. There are a wide range of opportunities and concerns in relations to consumers, and from salespersons to real estate agents. Therefore, it is incumbent upon me to hit the ground running in the interest of the industry, as the real estate sector is critical for the growth of an economy.
When there is a booming real estate industry – it means there is a growing economy. To create investments in real estate we need simple systems and processes.
I got underway meeting key stakeholders namely the private sector to discuss investment roles and our plans for reinforcing the commitment of the Fiji Government to expedite investments.
Since I have taken up this role and I have been taking each and every note of all industry concerns and I will ensure that all concerns are addressed.
The Fiji Government aims for simplicity and streamlined business processes for an enabling environment. With the challenges I have been listening to, we want to make it easy to do business in Fiji. There are strategies being put in place to provide a better and speedy environment for businesses.
Ladies and Gentlemen,
The industry has a regulatory arm – Real Estate Agents Licensing Board (REALB) to ensure that consumers are not disadvantaged and to maintain a certain level of discipline and standard. Whilst the industry is regulated, we also want you, the industry players to work with the Ministry and REALB, as you play a vital role.
Our focus is not a disciplinarian one, but one of partnership to maintain industry standards and protect consumers. I wish to reiterate that the real estate industry plays a crucial role in a nation’s economy. Your industry fuels economic growth, creates jobs – and is a vital link between multi-faceted sectors.
As we recover from the pandemic, your role as real estate agents and salespeople play a significant role in our economic recovery. And for that reason, your role as the sector’s ambassadors must be one of reputation – upheld by the highest standards of conduct, integrity and professionalism.
Ladies and Gentlemen,
We also need to put an end to consumer confusion and a barrier to more robust competition. A tripartite approach is what we want, the Government, industry players and consumers. So you can see how important it really is to collaborate with the industry to find ways to win consumer confidence when purchasing or selling a home.
My meetings with key agencies will remain a focus, to ensure we are all on the same page when it comes to fostering an informed market – and an informed market we must have!.
Ladies and Gentlemen,
Like every other sector of the economy, we must ask the big questions. What role will the real estate sector play in our economic recovery? How will it remain relevant in an era of digital services and affordable housing for youth? These are all questions that we must all carefully examine and address. We want the private sectors to answer the questions.
Real Estate Agents and Salespersons must collaborate with the broader Government to support the Government’s ambition of providing access to affordable housing.
Ladies and Gentlemen,
We the Coalition Government – we want to hear from you, by way of your concerns, recommendations and constructive solutions. With your feedback, we can collectively make a difference.
Coming back to today’s event, once again congratulations to Ms Lata and the team of Rialto Properties for joining this vibrant sector and contributing to a competitive market to benefit consumers.
I wish you all the success in your new business journey.
Vinaka Vakalevu and thank you.
