Deputy Prime and Minister for Trade, Co-operatives, Small and Medium Enterprises and Communications, Honourable Manoa Kamikamica;
International Finance Corporation Regional Manager for Creating Markets Advisory East Asia and Pacific, Ms Paramita Dasgupta;
Permanent Secretary for Tourism and Civil Aviation, Salaseini Daunabuna;
Chief Executive Officer, Investment Fiji, Kamal Chetty;
Chief Executive Officer, Tourism Fiji, Brent Hill;
Respective CEOs;
Event Partners, HFC Bank and Telecom Fiji;
Invited Guests, Fiji and Abroad;
Ladies and Gentlemen;
I met Ms Dasgupta before this and told her, I was sure Honourable Kamikamica would speak passionately about investments. And he did.
Bula Vinaka everyone! For those of you visiting Fiji again or for the first time, welcome to our home.
Ladies and Gentlemen,
Just a few weeks ago at the Sofitel here in Denarau, we celebrated Fiji’s new tourism brand ‘Fiji – where happiness comes naturally’. And that was a significant milestone for us.
Today, we’re gathered here to make another important milestone, the inaugural Tourism Investment Summit.
Ladies and Gentlemen,
Since re-opening our borders in December 2021, Fiji’s hotel occupancy rate has soared, consistently tracking above 2019 levels which was a record year.
Last year, we recovered 71 percent of pre-pandemic visitor arrivals. And by value, we recovered 73 percent of our tourism earnings.
Ladies and Gentlemen,
Our International Visitor Survey (IVS) also reveals tourism earnings of an estimated $1.66 billion from April to December 2022, which is when we re-activated the IVS.
And if you take the airfare component, we are looking at approximately $2 billion.
Total spend in Fiji Per Person Per Trip was $3,550, an increase of 5 percent from 2019 ($3,379).
If we look at visitation by visitor days within Fiji, the Nadi to Coral Coast corridor accounted for just over 60 percent (61.4%) with the North 3.8 percent. I’m hoping that Vanua Levu and the surrounds, which I can assure you promises high yield, is a region we can look at specifically.
Ladies and Gentlemen,
We are also seeing increased capacity into Fiji through our national carrier, Fiji Airways. Fiji Airways is recording bookings exceeding 2019. Forward bookings looking at the next 12 months too are higher than what they were pre-COVID. And we will continue to grow.
We will soon see the delivery of two new Airbus A350s, a remarkable addition to our fleet that adds to our reach.
Ladies and Gentlemen,
While we are seeing exceptional numbers from Australia, New Zealand and the United States, we can soon expect the gradual return of the Asian market.
On Sunday this week, we will welcome back twice weekly flights between Nadi and Hong Kong. Following which Fiji Airways will fly to Narita, Japan and Seoul, South Korea.
So going forward, we have a fair idea of what the demand is in the medium term. Therefore, we are hopeful opportunities like today can help us on the supply side.
Balancing the supply and demand sides of a service industry is not easy, and whether a destination does it well or not will make all the difference.
Ladies and Gentlemen,
As Honourable Kamikamica shared, the Coalition Government has a vested interest in making doing business in Fiji easier – and more efficient.
This is especially true for a service sector like tourism. Because here in Fiji, when tourism does good, so does the economy and our people.
As we look ahead, we are committed to fostering an environment that is conducive to investment, innovation, and sustainable growth. To achieve this, we want to remove barriers to investment that paves the way for private sector-led recovery.
I know you have some of the right people speaking over the next few days.
Ladies and Gentlemen,
As I mentioned earlier, we need to get some beds on the ground as a priority. Whether they are 5-star brands, smaller boutiques, or those based in communities. This is where we welcome both domestic and international investments.
When we say investment in tourism, we mean more than just hotels. We need the right infrastructure and supporting utilities – roads, ports, water, energy.
When we have the right infrastructure, the right incentives, and the appropriate accommodation type in a particular area, it also provides an opportunity for experiences that can be community grown and owned.
Take Denarau for example. After building the first hotels and putting in place infrastructure, supporting activities spurred over the years. Now you have water parks, retail, restaurants, golf. This creates more jobs and benefits for the local community.
But this also means pressure on the existing infrastructure, which requires proper planning. The Permanent Secretary will speak a little more to this later today.
Ladies and Gentlemen,
We believe that this Summit is an important part of our greater efforts to drive foreign and domestic investments.
Over these two days, you’ll learn more on how we are performing as a sector. And we are doing good. You will also have an understanding on how to go about doing business in Fiji and the current incentives we have in place.
You will learn of our plans to support sustainable infrastructure as an enabler. You will hear more on investor-ready projects and the experience of other investors in Fiji, perhaps one of the most important ones. And hopefully we can fast-track some of the developments we need.
Ladies and Gentlemen,
My message in the investment document that you have essentially summaries what I want to say.
We are an island nation with great global goals.
As the hub of the Pacific, we commit to being a dynamic business and investment destination, paired with a tropical lifestyle. Our pro-investment policies create opportunities that extend beyond our traditional economic strongholds to fast-growing modern sectors – including tourism that’s sustainable now and into the future.
Whether you want to invest in a hotel, clean energy or a start-up that will help reshape the visitor experience, there are many opportunities.
We are the gateway to the Region, and we welcome you to be a part of our success.
We have convenient access through 14 major ports around the world who connect direct with Nadi, as well as a further 8 flying direct from our surrounding Pacific Islands. So your investments in Fiji essentially becomes a gateway for further investments in the Region too.
Ladies and Gentlemen,
To conclude, I thank you once again for joining us in what I hope will be the first of many engagements.
Fiji is a land of opportunity, and we believe that the tourism industry holds significant promise for investors who share our vision for sustainable growth.
We are excited about the potential of our tourism sector, and we look forward to working with you to achieve our shared goals.
I would also like to take this opportunity to acknowledge the team at Investment Fiji, Tourism Fiji, IFC, as well as partners HFC Bank (Home Finance Corporation) and Telecom Fiji.
Thank You and Vinaka vakalevu.