The Government of Fiji has provided clarification regarding the Fiji National Provident Fund’s (FNPF) investment in Fletcher Building Fiji Limited, addressing inquiries related to the company’s involvement in ongoing construction projects. Minister Esrom Immanuel, responsible for FNPF oversight, responded to parliamentary questions concerning the role of Fletcher Construction, noting that it functions as a business arm of Fletcher Building, which comprises two core divisions: construction and road maintenance.
Immanuel detailed FNPF’s ownership stakes in Fletcher Building Fiji Limited, which include a 25 percent share held by FNPF, an equal share by Fijian Holdings Limited, and the majority 50 percent held by Higgins Group. He emphasized that this investment is strategically significant for FNPF, which has positioned itself as a prominent equity investor across various sectors such as tourism, finance, telecommunications, agriculture, construction, and medical industries.
When asked if Fletcher Construction was involved in further FNPF-sponsored initiatives beyond the redevelopment of the Westin, Immanuel noted the absence of specific information on additional projects at this time. However, he reiterated that FNPF’s stake in Fletcher Building represents a long-term equity investment characterized by proper governance and independence in decision-making across all associated enterprises.
This information aligns with FNPF’s growing emphasis on diversifying its investments, particularly in the tourism sector, which has seen robust recovery trends. The Fund has made significant strides in tourism, owning multiple key hotel properties and acquiring a stake in Fiji Airways during the pandemic, positioning itself as one of the largest property owners in the country with an investment portfolio exceeding $10 billion.
The emphasis on strategic investments highlights the government’s commitment to economic development, reflecting a positive partnership between FNPF and various sectors crucial for Fiji’s growth, especially as the nation continues to foster resilience in its tourism industry. This proactive investment approach not only bolsters job creation but also enhances Fiji’s overall economic landscape, showcasing a hopeful outlook for the country’s future.