$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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