Land evaluations will be outsourced

The Minister for the Economy has announced that land evaluations by both the Ministry of Land and the Itaukei Land Trust Board will now be outsourced.

While delivering the 2021–2022 revised budget, Aiyaz Sayed-Khaiyum says this is to ensure that landowners get the true market value of their land.

He says this will also result in an efficient and impartial evaluation by sector experts.

The Minister says so many times the government has seen so much of the iTaukei land leased out without proper evaluation.

He says getting an independent evaluation will help landowners as well as leasers.

Sayed-Khaiyum also touched on the lengthy delays that people experience in the survey process before leases can be finalized.

He says the economy has suffered needlessly because of this inefficiency.

“We have set up a working group with the TLTB, Ministry of Land, Department of Land, Department of Town and Country Planning and the Ministry of Economy to address the backlogs of survey and streamline of processes moving forward. An MOU among this entity was signed today to establish a common purpose and commit the four agencies to cooperate fully and share information.”

Sayed-Khaiyum says $50,000 will be allocated for the facilitation of resolutions to lease complaints by the working group.

He says teams will be sent to the ground to attend to complaints on lease matters and ensure these issues are solved efficiently.

The Minister says an additional $100,000 has been provided to the Plan Assessment Unit of the Ministry of Land and Department of Town and Country Planning to provide additional staff primarily focused on assisting the working group to clear the backlog of surveys.

Credit: FBC

Fiji’s economy continues to expand at a faster pace: Westpac

ARIAL SHOT OF SUVA. [FILE PHOTO]

Westpac Fiji expects the Fijian economy to expand, but now at a faster pace.

This was highlighted in Westpac Fiji’s Quarterly Economic Update.

The report shows that this is possible because of the faster than anticipated economic recovery and better than budgeted fiscal performance, and in addition, the revised 2021-2022 national budget is expected to support the growing momentum in the economy.

It adds that the revised national budget will also address some of the new challenges being faced in the post-pandemic world, including measures to mitigate inflationary pressures.

Westpac Fiji says against this backdrop, they see their previously outlined optimistic scenario to be a more likely path of rebound for the Fijian economy.

It adds that the real GDP is now anticipated to grow by 12.9 percent in 2022, ending three consecutive years of economic contraction.

The report highlights that growth is expected to continue progressively in 2023 and 2024 as tourism demand increases and confidence rebuilds.

Barring any major shock to the country, Westpac Fiji expects the momentum to pick up within the next two years with higher projected visitor arrivals and growth across all related sectors of the economy.

In light of the Russia and Ukraine conflict and the fact that most countries are now emerging from the worst of the pandemic, Westpac Fiji’s Quarterly Economic Update says the global economy is still projected to record another year of growth, though admittedly lower.

Credit: FBC

New venture creates 60 jobs

A two-million-dollar investment in Port Denarau Nadi has seen Sails Restaurant open.

Co-owner Jason Raj says during the height of COVID-19, his wife and he took a leap of faith and acquired the lease from the previous tenants, the Rhum Ba as they had confidence the industry would bounce back.

Raj says they are proud as a couple to be able to invest during a time when the economy is recovering.

“Yeah, we feel that there is definitely a mood for recovery and an uptake of tourist numbers and we have invested in this with that view.”

Co-owner Natalia Raj says despite the ride being a difficult one, especially during a time of uncertainty, they wanted to ensure they also gave back to the community as the country has made her feel at home away from Australia.

From this venture, 60 new jobs have been created, which will increase to 100.

Credit: FBC TV

Fijian economy projected to grow by 7.1%

The Asian Development Bank in its latest outlook says the Fijian economy is projected to recover, growing by 7.1% in 2022 and 8.5% in 2023.

The ADB says border reopening last December is expected to spur tourism, which remains key to a quick economic turnaround and restored employment.

However, it says international competition among travel destinations is likely to be intense.

The ADB says since border reopening, the Fijian Government has gradually eased travel restrictions, and from today Fiji is reopen to all countries.

Travellers only need to present negative COVID-19 test results prior to departure and upon arrival in Fiji, travel insurance, and proof of vaccination.

The ADB also says monthly visitor arrivals since border reopening suggest that 2022 annual arrivals may reach half of 2019 numbers, rising by the end of 2023 to three-quarters.

The ADB report also says inflation is projected to surge to 4.5% in 2022 as the Russian invasion of Ukraine pushes up global commodity prices, most notably of oil and wheat, and consequently affects prices for other imported goods.

Prices will remain elevated in 2023.

It says domestically, even regulated prices are likely to rise with pass through of higher import prices and shipping constraints.

Credit: FBC TV

Business compliance is critical: Koya

[FILE PHOTO]

The Ministry of Commerce and Trade has noted a positive response from businesses conforming to the new changes announced by the government in the 2021/2022 national revised budget.

Minister, Faiyaz Koya says they are working closely with relevant stakeholders to conduct regular visits to these retailers as well as businesses.

He adds that businesses and consumers need to understand the reason the government is making these changes.

“At times it might be a difficult task for some to comply, but they must comply. The bottom line is, at the end of the day it’s good for the general public. What is being offered in the budget is good for the general public, in terms of zero VAT on particular items.”

Koya adds that consumers also have the right to report unethical business practices using proper channels and relevant authorities, instead of sharing them on social media.

Credit: FBC

Tourism Expo receives major boost

The 2022 Fijian Tourism Expo received a major boost ahead of the premier event next month.

Westpac Fiji has signed on to be Gold Sponsors providing a backing of $45,000.

Tourism Fiji Chief Executive, Brent Hill says this expo is crucial for the industry who finds great value in the appointments and meetings they have at the event.

“Our perspective this is the most significant event in Fiji so far since our recovery and certainly in that perspective there are significant costs in holding an event like this to bring in well over a 100 people from around the world and around 500 people will be gathered in Denarau.”

Hill says this year’s expo will be the first face-to-face event since 2019 and is the perfect opportunity to showcase the depth and breadth of products and experiences Fiji has to offer visitors.

There is a range of high-value international buyers from Australia, New Zealand, Europe and USA who will be part of the event.

Westpac Fiji Chief Executive, Shane Smith says they recognise the significance of this event to Fiji’s economy especially now when the tourism industry is getting back on its feet.

The expo will be held at the Denarau Island Conference Centre at the Sheraton Fiji Resort & Spa from the 11th to the 13th of next month.

Credit: FBC TV

Real estate agents play a vital role: Koya

For the real estate sector to thrive, Fiji needs to work within the boundaries of the law and bring in the right skills and discipline.

Minister for Commerce and Trade, Faiyaz Koya says everyone has had to work smarter to find solutions so that every Fijian has the opportunity to one day own their own home.

Koya says real estate agents and salespersons play a pivotal role in the revival of the sector as we progress with economic recovery.

“Agents are essentially the ambassadors of the sector. So there is a great expectation to hold the highest standard of conduct, integrity and professional standards”.

The Minister says they are developing a service-oriented culture, instilling confidence in the private sector and strengthening the foundation of a robust and sustainable Fijian economy.

He adds they have seen cases of dishonesty, however, there have also been cases of trust.

Credit: FBC TV

First home owners’ initiative progressing well: Sayed-Khaiyum

MINISTER FOR HOUSING AIYAZ SAYED-KHAIYUM. 

In the 2020–2021 financial year the Ministry paid $7.5m under the first home owners’ initiative to 433 successful applicants.

Minister for Housing Aiyaz Sayed-Khaiyum says this was the highest payout since the program was introduced.

Sayed-Khaiyum says in the 2021/2022 budget that $4m was allocated and this was paid out within the first few months of this financial year, assisting 213 households.

He adds that although funding was fully utilized, the Ministry continued to receive applications. Therefore, the Ministry has been allocated an additional $5.9 million in the revised budget to be able to cater to the applicants.

“As of today, the Ministry has received a further 243 applications. Of the 243, nine were declined because they did not meet the criteria, 26 were incomplete applications, and the Ministry is currently liaising with the applicants for further information. The remaining 208 successful applicants will receive their grant payments in the coming weeks for a total payout of $4.6 million.”

Sayed-Khaiyum further highlighted that in 2020/21, 433 applicants were able to secure home loans for a total of $58m.

He adds that in the current financial year, home loans with an access of $63m have been secured to date by 421 applicants.

Credit: FBC

Fijian economy on path to recovery: Ali

RESERVE BANK OF FIJI

Reserve Bank Governor, Ariff Ali says the domestic economy is on its path to recovery after two years of contractions largely led by the tourism industry which came to a standstill because of COVID-19.

Ali says the recent announcement that Fiji is now open to all vaccinated travellers from any country together with the removal of the three-day mandatory hotel stay, as well as the relaxation around travel requirements in New Zealand and Australia, is expected to boost arrivals in the coming months.

He adds feedback from industry stakeholders reveals that forward booking numbers from airlines and hotels already show a steep rise in tourism demand from April onwards.

Ali highlights major sectoral performances are also upbeat as gold, timber and electricity production picked up in February.

Consumer spending is also picking up and is evident in higher domestic valued added tax collections, demand for electricity and spending on both new and secondhand vehicles.

Investment activity has remained subdued amidst a cautious environment given the upcoming election, rising costs and global supply chain disruptions.

Date: 31/03/2022

Middle East Companies Keen To Invest

Fiji’s Ambassador to the United Arab Emirates (UAE) Naipote Katonitabua (left), Minister for Commerce, Trade, Tourism and Transport Faiyaz Koya (middle), and Investment Fiji acting chief executive officer Kamal Chetty (fourth from left), with key business representatives from the Markaz Group, Saudi Fund for Development, OYO Group and the Elite Agro LLC, in Dubai, United Arab Emirates (UAE). Photo: Ministry of Commerce, Trade, Tourism and Transport

The Minister for Commerce, Trade, Tourism and Transport, Faiyaz Koya, met with a Kuwait company on his trip to the Annual Investment Meeting being held in Dubai, UAE.

This is on the margins of the Expo 2020 held in Dubai which ended on Thursday.

Mr Koya and his delegation held meetings with key businesses, including:
– Markaz Group,

– Saudi Fund for Development,

– OYO Group and the Elite Agro LLC

Markaz Group, a Kuwait  based company, in areas such as asset management, investment banking, real estate management is keen to invest in the country.

“The Markaz Group has shown interest in agriculture, tourism, pharmaceuticals, minerals, and infrastructure development and they want to bring to Fiji a scoping mission”, Mr Koya said.

Discussions were also with OYO Group, which specialise in empowering entrepreneurs and small businesses in the areas of tourist accommodations.

With the Fijian tourism industry on track to recovery, the meeting focused on leveraging technology to increase competitiveness and efficiency in the hospitality sector.

Whilst meeting in the Saudi Fund for Development (SFD), Fiji’s climate leadership and sustainable development aspirations were highlighted.

This includes strengthening partnership with the Fijian Government on projects related to climate change, clean energy, and resilient infrastructure.

SFD is a Government agency that finances development projects.

The agency is also a co-financier of the Japan International Cooperation Agency, which has contributed to many on-going developments in the Pacific.

The Minister concluded the meetings with Elite Agro LLC.

It is a leading agriculture company with large-scale integrated farming operations engaged in growing, sourcing, importing and marketing agro-products.

Meeting Opportunities
“These platforms provide great opportunities to market Fiji and Fijian made brands in this part of the
world,” he said.

“Being here in Dubai, and at Expo 2020, has paved the way for several possibilities for businesses of all sizes to network, co-create and diversify to smart, sustainable and resilient businesses.

And we’re glad we’re here to be a part of it,” he added.

Mr Koya is in Dubai to attend the culmination of the Expo 2020 Dubai and related investment events in collaboration with Investment Fiji.

Date: 02/04/2022