The Fiji Police Credit Union Development Committee Chairperson, Mr Luke Navelai,
Board of Directors and members of Fiji Police Families Savings and Investment Co-operative Ltd,
Invited Guests,
Members of the Media,
Ladies and Gentlemen,
Bula Vinaka and a very good afternoon to you all.
First and foremost, I would like to congratulate Fiji Police on retaining the Sukuna Bowl last week and thank the Fiji Police Families Savings and Investments Co-operative Limited for the invitation to be part of this momentous event.
I am told that this vision, which has been in the pipeline for the Fiji Police Credit Union for the past ten years has today become a reality. The Ministry wishes to congratulate all the members of the Co-operative.
As the business arm of the Fiji Police Credit Union, the Co-operative is tasked with empowering its members to invest in profitable ventures through the Co-operative. Ultimately we hope the Co-operative will not only benefit its members, but also create economic activity in the country.
The future is bright for the Fiji Police Families Savings and Investments Co-operative Limited, as I have been informed that the Co-operative will have a diversified business portfolio from thrift and savings, real estate, wholesale and retail and offering transport services. This is what the Coalition Government believes in – investing, diversifying and shaping the future for a better Fiji.
Ladies and Gentlemen,
Your Government understands the importance of the co-operative business model in Fiji, and for that reason, we are dedicated and focused to promote and support all new and emerging Co-operative business ventures through the Co-operative model of doing business.
Today, the Fiji Police Families Savings and Investment Co-operative Limited is part of the 550 operating co-operatives in Fiji – and I am pleased to note that at the moment co-operatives in Fiji hold over $151 million worth of assets, with revenue turnaround of $26 million and a record net profit of $2.5 million.
In fact, we have 36 operating co-operatives that are from the thrift and credit sector that hold $115 million or 76 percent of the total asset base of the co-operative portfolio in Fiji.
Essentially ladies and gentlemen, the Fiji Police Families Savings and Investments Co-operative Limited are starting off in the right sector to increase its asset base and returns on investment.
The values and principles of the co-operative model makes it a collaborative business setup that is suited to “duavata” principles. In this approach, the members have voluntary and open membership, democratic member control, member economic participation, autonomy and independence along with education, training and information sharing.
However, the pillars of success remain the same and include hard work, good governance, better management practices and strong leadership. Given that there are already 36 co-operatives in this sector, I strongly encourage the Board to work with other similar types of co-operatives such as the Teachers and Bankers credit unions.
Ladies and Gentlemen,
As this is a new Co-operative, it is entitled to eight-year-tax holiday under the Co-operative Act 1996. I also hope today sets the foundation for the Fiji Police Families Savings and Investments Co-operative Limited to forge a stronger partnership with the Ministry and other stakeholders in the days to come.
The Ministry’s door is always open for the Co-operative and we will provide all the support needed to ensure that the business operates efficiently and effectively. We would be happy to take the Board and interested members through our training packages on governance, management, bookkeeping to name a few.
With these words, it is my pleasure to wish the Fiji Police Families Savings and Investments Co-operative Limited, the very best in all its future endeavors and I am confident it will be another success story for Fiji in years to come. May God bless you all and May God Bless Fiji.
Vinaka Vakalevu and Thank you.