GR commits to continued investment despite challenges

Grace Road has reaffirmed its dedication to investing in the country’s economy.

Despite encountering obstacles in recent months, Retail Operations Manager Grace Sungdo says they vow to persist in their efforts to bolster Fiji’s economic landscape.

Sungdo emphasizes the company’s steadfast commitment to Fiji, citing a decade-long track record of injecting over $100 million into the economy.

She highlights the substantial employment opportunities of more than 1,000 generated by the company, which benefitted countless Fijians across the country.

Sungdo stresses they will not cease their investment endeavours, as they have fallen in love with the country.

“But for this year, we are planning to invest over $50 million more. But still, we are waiting for the approval from the authorities. But it’s very slow. Even though we applied for it last year, only last year, we are still waiting for that. So we hope we are asking the government for cooperation so that they we facilitate more project development.”

They recently opened two Grace Fields in Nadi with an investment of around $25m.

According to Sungdo, the establishment of the two new Grace Fields is an indication of their plan to continue investing and also creating jobs.

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Credit: FBC News

Major hotel development to commence in Labasa

Labasa Chamber of Commerce President Vinesh Dayal says work on a major commercial development will begin soon in Labasa town.

This as the court approved the Vualiku Eco-Hotel project to proceed which was objected to by certain businessmen and hoteliers in Labasa Town.

Dayal says the $10 million project is a joint venture between landowners and a local investor.

He says the proposed project is one of the most anticipated partnership for Yavusa o Matasawa, which was ignored for the past 13 years.

He adds this hotel will lay the foundation for tourism opportunities in Labasa town.

“The game is changing, and so are the people and business of this town. Gone are those days of hatred, jealousy, and greed. Gone are the days of looking at young businesses and generation businesses as small kids gone are those days of suppression. Today, we need to ensure that all businesses and projects are supported by agents and authorities, and no one should subordinate a project only because of competition.”

Dayal says the project is being supported by Turaga Tui Labasa Ratu Jone Qomate and other landowners.

The eco-hotel development project will be a joint venture between the Vualiku Hotel and the Yavusa o Matasawa. Work on phase 1 of the project will begin soon.

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Credit: FBC News

Businessman charged for deceptive act

A businessman appeared in the Suva Magistrates Court on Wednesday charged with one count of Obtaining a Financial Advantage by Deception.

Nahroon Buksh has been charged by the Fiji Independent Commission Against Corruption.

It is alleged that between December 10th, 2020, and August 23rd, 2021, in the Central Division, Buksh pretended to be a licensed Real Estate Agent and purportedly sold a property in Kinoya.

The property was sold to a couple, and as a result, Buksh allegedly dishonestly obtained a financial advantage of $6,000.

Junior State Counsel Rajiv Pathak informed the Court that the first phase of disclosures has been served.

The Resident Magistrate granted Buksh a non-cash bail of $1,000 and ordered him not to re-offend while on bail.

He has also been ordered not to interfere with prosecution witnesses and to report to the FICAC Suva Office once a month.

The accused was also ordered to surrender all travel documents to the Court.

The matter has been adjourned to May 22nd for mention and to check on the second phase of disclosures.

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Fiji Airways expands its footprint in North America

Fiji Airways has announced a new partnership to increase its footprint in North America and make it easier for visitors to reach Fiji.

National Airline has signed an interline agreement with Toronto-based Porter Airlines, which provides services in Canada and the United States of America.

The agreement means visitors will need one ticket to book and fly from airports serviced by Porter Airlines and connect onto their Fiji Airways flights out of Vancouver, Los Angeles, and San Francisco.

Fiji Airways Managing Director and Chief Executive Andre Viljoen says the bookings to and from North America have been strong, collectively making up the second largest group of visitors to Fiji in 2023.

Porter Airlines, with more than sixty aircraft in its fleet, provides services to more than 30 destinations across Canada and the United States, with hubs in Toronto, Ottawa, Montréal, and Halifax.

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Fiji can double visitor arrivals by 2033: ANZ Economist

International Economist Kishti Sen believes Fiji can double its peak season arrivals to 1.2million visitors by 2033 without compromising on its charm.

In ANZ’s latest research ‘Pacific Insight’, Sen says this equates to 8.1 percent growth in in-bound demand each year.

Sen states that while this is higher than the 4.6 percent per year growth Fiji achieved over the decade to 2019, they believe this target is achievable and can become Fiji’s sustainable level of peak season annual demand.

Australia is Fiji’s main source of tourism.

Sen says of all Australian overseas travel in the decade before COVID, about three percent came to Fiji.

This proportion Sen says rose to 6.1 percent in 2022 when many of Australia’s favoured holiday destinations were fully or partially closed, before easing to 3.9% in 2023.

Last year, saw the highest number of Australians on record visit Fiji.

During its peak season, Fiji welcomed a record 239,747 visitors from Australia, which is 33,634 more than the previous high of 206,113 in 2019, up 16.4%.

Sen says lifting its market share to five percent by 2033 will provide another 160,000 travellers from Australia, accounting for 32 percent of the growth target.

New Zealand, Fiji’s second major market also experienced strong growth post COVID.

Sen says Fiji is already New Zealanders’ favoured destination for a holiday, and there is scope to extract another 50,000 leisure travellers from that market.

Fiji Airways has added seat capacity by bringing in new aircraft and is banking on growing the airlift out of the US, Canada and Asian markets especially China.

Fiji Airways recently added Vancouver and Noumea as new destinations and plans to increase visibility and connectivity into Asia, the US and Canada.

Passengers out of these markets account for 40% of new in-bound demand.

In addition, long-term migration of Fijians to New Zealand, Australia, the US and Canada has created a significant Fijian diaspora and these numbers have grown recently.

Fijians living offshore often travel back home to visit friends and family.

So the ‘visiting friends and relatives’ category is going to get larger.

Sen says as a hub for the South Pacific, Fiji frequently hosts international conferences, meetings and events. Climate change conventions, peak business council forums and sporting events feature throughout the year.

The segment he adds is poised to grow strongly given the geopolitics of the region and greater integration of sporting competitions between Fiji, Australia, New Zealand and other Pacific island countries.

All in all, Sen says a doubling of peak-season demand by 2033 is within reach.

Once there, Sen says a figure of around two million visitors per year can become Fiji’s sustainable level of international tourism demand.

However, the ANZ Economist says Fiji will need to make investments in its airport infrastructure to manage higher demand.

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Port Denarau Marina achieves record profits

Port Denarau Marina has achieved a good financial performance for the first half of the fiscal year ending January 31st, 2024.

In its market announcement the company has stated recording a net profit before tax of over $2.3m showcasing growth compared to the corresponding period last year, where it stood at over $2.2m.

The company says the overall revenue has increased by 12 percent compared to January 31st, 2023.

PDM says the growth reflects their commitment to operational excellence, strategic initiative and adapting to market dynamics effectively.

In recognition to its strong performance, the company Board of Directors have announced an interim dividend of two cents per share for the half-year ending January 31st, 2024.

This is an increase of 14 percent from the 2023 interim dividend payout.

The company says the forecast for the 2024 yachting season looks promising.

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$25 million retail and supermarket complex to open in Nadi

New retail and supermarket complex worth $25 million in Nadi is anticipated to be completed by the end of 2024.

Managing Director of Vuvale Restaurants (Fiji) Ltd Marc McElrath says the development will bring a new shopping and retail experience for residents in Nadi.

He says the new complex is just one of several projects the company has undertaken in recent years.

McElrath says the company will open a new McDonald’s outlet in Nakasi and has plans to develop another in Lami with a new distribution centre already in construction in Lautoka.

He says they are very confident with Fiji as there is a lot of construction currently underway in the country and are hoping to bring in more new jobs and investments into the country that will hopefully translate into better standards for restaurants and food facilities.

While welcoming the Vuvale Restaurants’ continued investment in Fiji, Investment Fiji Chief Executive Officer Kamal Chetty says the project is a significant example of the positive impact of local direct investment on our economy.

He says this will create jobs, boost economic activity, and contribute to the transfer of knowledge and expertise.

Chetty says that Investment Fiji has played a key role in facilitating Vuvale Restaurants (Fiji) Ltd projects in Fiji and through continuous follow-up and communication with stakeholders regarding several bottleneck issues, Investment Fiji ensured that all issues were solved, allowing Vuvale Restaurants (Fiji) Ltd to proceed with their development plans.

He also says that they will continue to support and assist their investors with any issues that they might face with stakeholders and their dedication to supporting the economic development is invaluable.

The CEO says that Vuvale Restaurants (Fiji) Ltd’s continuous development and creating a positive impact towards economic development will bring confidence to Fiji’s business environment.

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Economy expected to grow by 3 percent in 2024 – IMF

The Fiji economy is expected to grow by 3 percent this year.

This has been stated by International Monetary Fund rep Marshall Mills who says after a strong rebound from the pandemic, Fiji’s economic growth is returning to historical trends.

Mills says after expanding by 20 percent in 2022 and 8 percent in 2023, GDP has now surpassed 2019 levels, driven by a strong revival in tourist inflows, particularly from Australia and New Zealand.

He says the fiscal position and debt-to-GDP ratio have continued to improve significantly, thanks to the recovery and revenue measures in the Fiscal Year 2023-2024 budget.

Mills says the fiscal deficit is expected to decline to 4.4 percent of GDP in 2024 down from 5.9 percent in 2023, while public debt has fallen from a peak of 91.5 percent of GDP at the end of 2021 to 80.4 percent at the end of 2023.

He says inflation is also moderating after ticking up past 5 percent in 2023, owing in part to the temporary effect of the mid-year Value Added Tax increase.

Mills says inflation is expected to fall to around 3 percent by end of 2024.

He says despite the strong economic rebound and positive current trends, the economy faces a number of risks and challenges.

Mills says major downside risks to the economic outlook stem from unexpected global developments that would reduce tourist inflows and from tighter than expected domestic supply-side constraints, in particular, labour shortages, delays in investment plan and hotel capacity.

He says in this context, the Fijian authorities are appropriately aiming to deliver stronger inclusive goals while rebuilding policy buffers.

Mills says achieving these goals will require additional gradual fiscal consolidation, a measured normalization of monetary policy, and an ambitious reform program, which should tackle the key constraints to growth, further boost resilience, and address long term challenges, including climate change and emigration.

Credit: FBC News

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Lack of data identified as challenge in Real Estate evaluation

The ongoing review of the Real Estate Act has been emphasized by Trade Minister Manoa Kamikamica.

He stressed this during the launch of the 5th National Real Estate Conference in Pacific Harbor where he also urged stakeholders to actively contribute ideas to foster growth in the industry.

Kamikamica identified the lack of accurate data in the country, particularly in the real estate sector, as a major challenge hindering evaluation.

He proposed collaboration with regional partnerships to incorporate best practices into the real estate sector.

“In all seriousness, it is a big issue for Fiji, if we have to accelerate our economy then we have to do business faster that’s very simple.

Registrar of the Real Estate Licensing Board Peni Komainavoka highlighted the significance of providing stakeholders with an equal opportunity to expand and exchange insights within the industry.

“You know the real estate industry and they do business keeps on changing as in any other type of business so with this event it provides platforms for agents to come together to network, share ideas and share their experiences and also they can get where we have speakers organized from government institutions that they deal with from the private sector that speak on key topics that is relevant to the industry.”

Kamikamica has also urged the sector to prioritize transparency and accountability to enhance the business environment and expressed optimism that over time, automated business processes would contribute to improved efficiency.

Credit: FBC News

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$220 million hotel investment by Hari Punja Group

In the move towards addressing the 4,000-room shortage in the country, the Hari Punja Group has announced another major $220 million investment project in the tourism sector.

The Hari Punja Group will be constructing a 5-star luxury hotel at Wailoaloa Beach, Nadi.

Group Chair Hari Punja confirmed this major investment during a press conference earlier today.

Punja says the project will also include sustainable tourism with the inclusion of eco-friendly products like solar-powered rooms and environmentally friendly products.

“Because of the shortage, the room rate has gone up. A room rate at the hotels in Denarau is $1,200 a night, which used to be $300 before that, giving a bad name to Fiji. So this project will not solve the problem, but at least we are working towards solving the problem.”

The hotel will have 258 rooms with all the luxury of ocean views.

He says that the project will be managed by Rydges Australia, one of the most recognized brands in Australia and New Zealand.

Construction work is expected to begin in June and open for business in June 2026.

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