Lau's biggest push towards economic independence is now underway, with Yatu Lau Company unveiling plans to establish a construction company, revive shipping services and create more business opportunities to bring Lauans back home.
Speaking during the Lau Provincial Council meeting, Yatu Lau Company Chairman Viliame Leqa says the company's vision is to create sustainable economic opportunities that will encourage more Lauans, particularly young people, to return home and build their future in the province.
Leqa says the Government's decision to increase infrastructure funding for Lau from $10 million last year to $33 million in the new budget has created new opportunities for the company to expand its business operations.
He says Yatu Lau Company plans to establish Yatu Lau Construction Company, which will focus on civil engineering projects such as roads, wharves, jetties and other infrastructure developments expected to take place across the Lau Group.
Leqa says the company will partner with Browns Construction Company Limited of Sri Lanka, which is already operating in Fiji and has extensive experience in road construction, telecommunications and water infrastructure projects.
He says the partnership will operate under a profit-sharing arrangement, meaning Yatu Lau Company will not need to invest capital to purchase machinery or equipment as Browns Construction already has the required resources and expertise.
Leqa says one of the biggest benefits of the partnership is that it will create employment opportunities for Lauans while allowing them to gain valuable construction skills by working alongside experienced professionals.
He also revealed plans to develop the company's five-acre beachfront property at the Arts Village in Pacific Harbour into a beach club, saying the site has enormous commercial potential.
Leqa says a market demand assessment will first be carried out to determine whether the timing is right for the development, adding that if the demand is not there, the property will continue operating as a picnic area until conditions improve.
He describes the property as one of the company's greatest assets and says it forms part of a five-year strategic plan backed by detailed financial modelling.
Leqa also highlighted the importance of restoring reliable shipping services to Lau, saying poor transport links have limited economic growth in the province for many years.
He says Yatu Lau Company intends to lead the return of a shipping service for Lau, noting that regular shipping will open the door for more businesses, improve connectivity and make it easier for people to travel between the islands and urban centres.
Leqa says creating jobs and business opportunities in Lau is one way of addressing social issues by giving young people a reason to return home and contribute to the province's development.
He says the company will also work closely with the newly established Lau Think Tank to identify and develop more economic opportunities over the next five years.
Leqa says while the Provincial Council warmly welcomed the plans, the biggest challenge now is turning the vision into action.
He stressed that all the planning and good ideas presented to the Council will mean little unless they are implemented.
Leqa also confirmed that Yatu Lau Company has partnered with the Damodar Group to revive the Arts Village in Pacific Harbour, combining the company's business expertise with Yatu Lau's ownership of the property to unlock its full commercial potential.
