There are currently 27 projects with a total value of $1 billion in the construction phase that are expected to begin trading over the next few years.
According to Investment Fiji, an additional 20 projects with a combined value of $1.6 billion is expected to start construction in the next few years.
CEO Kamal Chetty says these projections are subject to the successful progression of all planned projects and timely approval obtained to move the projects.
He says currently, Investment Fiji is actively managing 127 leads in diverse sectors with a value of close to $3 billion which signifies the substantial potential for future economic growth and development in Fiji.
Chetty further says that it would take three to five years to fulfill the demand of about an additional 5,000 rooms in the tourism sector.
Chetty says there are about 1,700 rooms in the construction stage and a few hundred within the next few years.
He says Westin Resort and Crowne Plaza will have rooms coming online by the end of the year.
The CEO says the Vualiku Hotel in Nadi is operational after elevating its facility, featuring 40 rooms and the Ratsun Hotel has also constructed 11 new rooms while other projects under construction or renovation include the Westin Resort which is in the midst of an extensive refurbishment, upgrading 255 guestrooms, restaurants, and public spaces to enhance the overall quality of hospitality services. Chetty says the 179-room Hilton Garden Inn is under construction in Suva along the foreshore.
He says these tourism projects signify confidence from investors, demonstrating their belief in the potential and long-term sustainability of Fiji's tourism industry.
Chetty says these developments will also create numerous employment opportunities, stimulate local businesses, and further strengthen the bonds between Fiji and the global tourism community.
He adds Investment Fiji and Tourism Fiji are strategically working along with prominent global brands in the tourism sector such as, Hyatt, Oberoi Hotels, Dusit Thani Group, Dorsett from Hong Kong, Pan Pacific from Singapore, So, Aman Resorts from the Middle East, La Falle Des Couleurs from Mauritius, and One & Only Resorts.
Chetty says despite risks, they are optimistic as opportunities have been provided because of economic growth.
He says ease of doing business and labour shortage are challenges and the government is doing many things to solve it.
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