Deputy Prime Minister and Minister for Tourism and Civil Aviation, Hon. Viliame Gavoka,
Respected CEOs and Permanent Secretaries,
Distinguished Guests and Delegates,
Ladies and Gentlemen,
Welcome to the inaugural “Fiji Tourism Investment Summit 2023”. At the outset, I would like to thank Investment Fiji, Tourism Fiji and International Finance Corporation for hosting this event, supported by premium partner HFC Bank and gold partner Telecom.
As key industry representatives and captains of your own domain, the next three days will act as an opportune moment to hear from Fiji’s tourism industry, public sector, investment, and the real estate industry.
Ladies and Gentlemen,
The Coalition Government is about creating solutions – if we’re going to be part of the solution, we have to engage the problems. As stalwarts in your field of expertise, each one of you present here today, fulfils a piece of a larger puzzle.
And as the Minister responsible for Trade and Investments in Fiji, I am eager to hear the outcomes of the deliberations so we can realise the tourism sector’s strong points such as investment opportunities, incentives and identify the gaps that exist so we can reinforce and grow this sector.
DESTINATION FIJI – TOURISM’S TRAJECTORY AND GROWTH POTENTIAL
Ladies and Gentlemen,
Tourism is the main driver of demand for accommodation in Fiji, with the country’s warm tropical climate, beautiful beaches, and rich culture attracting a large number of visitors each year.
The accommodation sector in Fiji is highly competitive, with many properties offering top of the line facilities and services to attract guests. The accommodation sector in Fiji is an important contributor to the country’s economy, with a range of accommodation options available to tourists and travellers.
These include luxury resorts, boutique hotels, and backpacker hostels.
Many of these properties are located on the main island of Viti Levu, which is home to the country’s capital city, Suva, and the popular tourist destination of Denarau Island and Nadi.
The tourism industry contributes significantly to Fiji’s economy and is the country’s largest foreign exchange earner, contributing around 40 percent for Fiji’s Gross Domestic Product (GDP).
Post pandemic, Fiji has seen a tremendous recovery where the demand for tourism is progressively superseding 2019 levels.
In 2022, Fiji received 636,312 visitors which is a recovery of 71 percent.
This comes off Fiji’s critical competitive advantage in relation to tourism options and sustainable development such as strong sustainable commitments and its rich cultural diversity.
This growth in international visitor arrivals anticipates a conforming increase in capacity requirements and demand for new products, facilities and services, thus paving the way for investment opportunities.
This year, the tourism sector is projected to grow to a FJ$3 billion industry as markets in Asia open up and new markets, including Canada, come on stream. It is anticipated that by the end of 2024, there will be up to 1 million tourists visiting Fiji.
As a result, Fiji needs more resort and hotel investments to keep up with demand and take advantage of the increased interest in the country.
FACILITATING TOURISM INVESTMENT – FIJI’S BUSINESS ENABLING ENVIRONMENT AND PARTNERS
Ladies and Gentlemen,
The factors that affect overall investment decisions are economic conditions, market demand, competitors, Government policies, inflation/interest rates, together with investment climate.
We all know the importance of investments and its centrality to Fiji’s economic growth and sustainable development. It has the potential to translate into widespread benefits, such as enhancement of productive capacities, job creation and improvements in the standard of living, and transfer of technology and know-how. So it remains imperative that we continue to “make doing business in Fiji easier”.
Whilst a few bottlenecks remain which inconvenience new investments and re-investment activities in Fiji, I see practiced men and women amongst us who can show us the ropes of resolving these issues to harmonise and streamline processes to remove bottlenecks. This is one of my top priorities and I am currently working out ways to solve the issue of unnecessary regulatory compliance and administrative requirements by approving agencies.
A FIRM FOUNDATION – SUSTAINABLE PLANNING AND INFRASTRUCTURE
Ladies and Gentlemen,
We must safeguard our shared commitments to build a more sustainable tourism industry, an industry that is resilient, inclusive and lucrative for all stakeholders and most importantly landowners – for the larger part, this requires partnership, partnership we can give weight to over the next three days.
INTRODUCING FIJI’S TOURISM INVESTMENT OPPORTUNITIES
Ladies and Gentlemen,
A total of 262 projects have been implemented from 2007 to 2020 with a value around FJ$1.6 Billion worth of investments within the tourism sector.
However, there are numerous opportunities for investments in the following sectors and areas such as accommodation, supporting infrastructure, adventure tourism, medical tourism, sports tourism, educational tourism, attractions and tours as well as retail.
Investment Fiji is also working with the Ministry on a number of leads that is expected to make a start in coming years as these projects are already in planning or preparatory stages.
The current tourism industry consists of over 400 properties that provide approximately 14,000 rooms to the industry.
Although it is obvious that Fiji needs a pipeline of new sustainable projects in order to meet demand and capitalise on the growing interest from tourists in Fiji.
In closing, I wish everyone a rewarding time and thank the team at Investment Fiji, Tourism Fiji, IFC, HFC Bank and Telecom for organising this inaugural event.
Vinaka Vakalevu and Thank you.