Deputy Prime Minister and Minister for Trade, Co-operatives, SMEs and Communications, Manoa Kamikamica, says they are looking at $4.25 billion worth of investment and 184 projects worth $6.2 billion.
While supporting the 2024/2025 National Budget, the Deputy Prime Minister says the Ministry has been negotiating better trade terms for Fiji as the only Pacific Island in the 14-member Indo-Pacific Economic Framework (IPEF).
He says despite our limited resources, he is proud to say that we have held our own and managed to negotiate trade deals that will greatly benefit Fiji.
He says the 2024-2025 budget allocates $106 million to the Ministry where the funding will fuel economic growth, support new film tax rebates, advance DigitalFiji, and drive the 'Look North' Development programs while improving the ease of doing business.
He says this budget will welcome investors and offer a world-class destination for businesses such as Google, Starlink, and the Lyndhurst Business Park in Kalabu.
He says the Cabinet's approval to develop the Policy Framework for Significant Investments, including the $300 million Namuka Bay Resort project will create numerous jobs.
Kamikamica says the establishment of the Commercial Agriculture Taskforce, partnering with private sector investors such as FIJI Water and FMF, will revitalise the papaya, citrus, cassava, and honey industries and expand the vanilla and cocoa sectors, promoting economic diversification.
He says they are also advancing the medicinal cannabis industries with support from the New Zealand Government and enhancing the kava industry by developing quality and food safety standards.
He further says the Ministry supports the growth of the outsourcing sector with a $1.5 million ICT grant subsidy to Pepper Advantage.
He adds they are rejuvenating the 'Fijian Made' brand and improving market access for local businesses, and Fiji's participation in the Expo 2025 in Osaka, Japan, will attract 25 million visitors and provide a platform to promote our unique identity and attract investment.
Kamikamica says the Ministry will continue to promote growth and economic diversification, using the $3.6 million budget increase to support MSMEs across all sectors.
The Deputy Prime Minister says this financial year, the Ministry received 1,520 applications worth nearly $6.4 million for MSME assistance, with approximately 1,016 applications approved, valued at nearly $4 million.
He says these funds supported diverse sectors, including eco-tourism, manufacturing, forestry, ICT, and crucial service sectors.
Kamikamica says the Department of Co-operatives conducted 34 training sessions with 380 women and 254 youths, covering financial management, governance, and leadership.
He adds these co-operatives are a powerful pathway out of poverty, enabling individuals and communities to enhance their livelihoods and achieve sustainable economic progress.
The Minister says co-operatives have been pivotal in fostering sustainable development and economic empowerment.
He adds that the Ministry has invested in the Fiji Integrated Licensing and Permits Approval Platform to digitise processes, enhancing efficiency.
Kamikamica says their commitment to these transformative efforts will pave the way for a resilient and thriving future for all Fijians, and together, they will forge a legacy of progress and prosperity that will be felt for generations to come.
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