Investment Fiji, the country’s investment and trade promotion agency, has high hopes for the coming year as it anticipates the commencement of 15 to 20 new investment projects. Chief Executive Officer Kamal Chetty highlighted the organization’s current challenge: transitioning projects from planning to actual construction. At present, Investment Fiji manages a pipeline of 212 investment projects, valued at an impressive $6.2 billion, across various sectors including tourism, manufacturing, and real estate.
In a recent interview, Chetty elaborated on the status of these projects, noting they are spread across different stages of implementation. “Some are currently under construction, while others are still in pre-development or even earlier conceptual phases,” he stated. His primary focus is to initiate construction on these projects, emphasizing not only the economic impact but also the job creation potential, especially in agriculture. By collaborating with local farmers, the aim is to stimulate growth in the rural economy.
The CEO’s optimism about the upcoming projects is underscored by the expected multi-million-dollar Kerzner International’s One&Only ultra-luxury resort set to begin construction next year in Yasawa. This project alone signifies the lucrative opportunities that lie ahead for Fiji’s economy.
However, challenges remain, particularly concerning the construction industry’s labor capacity. Recent discussions from ANZ’s senior economist, Dr. Kishti Sen, pointed out the urgency of addressing skill shortages in the sector. He highlighted that while an additional $600 million in private investment is anticipated, current labor constraints pose significant hurdles. To overcome this, there might be a need for Fiji to consider importing labor and enhancing its processes to expedite work permit applications.
Despite this concern, both government officials and investment agencies express optimism regarding Fiji’s investment landscape. The unlikely challenges sparked by labor shortages could motivate a stronger push to upscale local training and education initiatives. This effort is crucial for ensuring that the Fijian workforce is equipped to fulfill the demands of an expanding economy.
Overall, as Investment Fiji prepares for a robust lineup of new projects, there is a hopeful outlook for enhanced job opportunities and economic growth that could significantly benefit both local communities and the national economy.