Vinesh and Rachel Dayal’s investment of $4 million has signified a surge in investor confidence in the Northern Division.
In his address after opening the Big Cats Bar and the Lunchbox Restaurant at Damodar City in Labasa, Deputy Prime Minister and Minister for Trade, Cooperatives, Small and Medium Enterprises and Communication, Hon. Manoa Kamikamica, said the bold investment has also introduced a modern dining and entertainment experience to Labasa and is a ‘precursor and a signal of things to come in Labasa’.
The DPM emphasised the Coalition Government’s continued effort to promote a conducive business environment enabling growth, particularly in the Northern Division, which the DPM said is ‘the next economic frontier for Fiji.’
Elaborating on the broader impact of the investment on Labasa’s economy, DPM Kamikamica said, ‘The dynamics of consumption and disposable income are changing in Labasa and augurs well for the broader economic activity for Fiji.’
“The bustling activity at local supermarkets and businesses reflects increased consumer confidence and local spending power.”
The Government’s support for northern development is substantial, with a USD $200 million investment through the World Bank set to boost infrastructure in Labasa over the next five to eight years. Of this, $60 million has already been released to activate various projects, which are expected to enhance connectivity and economic activity.
“The ongoing discussions with the Chinese Government to construct roads in Vanua Levu, especially in Cakaudrove and Bua, are set to significantly boost economic activity in the division,” DPM Kamikamica stated.
“When completed, these developments will provide essential infrastructure to stimulate growth and investment. The Coalition Government remains committed to supporting these initiatives, and it’s encouraging to see considerable domestic investment, particularly in Labasa.”
“This momentum is a positive indicator of enhanced economic opportunities in the division,” he added.
Speaking on behalf of the Ministry of Trade, Cooperatives, Small and Medium Enterprises, and Communication, DPM Kamikamica said the Ministry has a clear vision for economic growth, focusing on five areas, including economic diversification, rural economic activation, and continued support for MSMEs and cooperatives.
“This approach aims to make the rural economy an important contributor to the national progress, with Labasa at the vanguard of the transformation.
Looking ahead, the Deputy Prime Minister hinted at the potential establishment of a branded hotel in Labasa.
“This would be a first for the North and would bring a ripple effect,” said DPM Kamikamica, exemplifying how the Sofitel brand in Denarau spurred a wave of investment in the hospitality industry.
“A similar initiative in Labasa could attract more brands, further transforming the division into a thriving economic hub.”
“Indeed, this is an exciting time for Labasa and the Northern Division,” he concluded.
“With new infrastructure, investments, and businesses like the one we’re opening today, we’re building an economic frontier that drives growth.”
Meanwhile, establishment owner Mr. Dayal expressed optimism about Labasa’s economic future. “I believe that, inspired by this success, others will continue to invest. The upcoming groundbreaking for a $10 million project will be a game-changer,” he said.
“We fully support our national leadership and will continue to invest.”
