Infrastructure projects estimated at over $1 billion are now in progress in Fiji, signalling the strength of the country’s construction sector.
Finance Minister Professor Biman Prasad shared this during the Fiji Association of Architects awards night in Suva last Friday.
He informed those present that investing in infrastructure and getting the basics right were key accelerators for development.
“Investing in infrastructure is more than just roads, bridges, buildings,” he said.
“It represents opportunities for communities to thrive, for businesses to grow and for industries to flourish. Strong infrastructure lays the groundwork for economic opportunity, and when that happens, it enhances the quality of life of every Fijian.”
Prof Prasad said Government took decisive actions to get finances and the country back on track in terms of Fiji’s financial position.
He said after the second budget, Fiji had inspired a lot of confidence.
“We have revised the economic growth forecast from 2.8 per cent to 3.8 per cent, that’s the independent macroeconomic committee, but I think we might hit four per cent.
“Tourism numbers, contrary to the predictions of last year, have continued to grow at about 6.5 per cent cumulative to July, compared to the same time the previous year.
“The remittances growth has not slowed down. In fact, we believe that we will be having a much higher remittance compared to last year.
“Infrastructure worth more than a billion dollars is now in progress. We’ve also seen a cumulative growth of about 19.4 per cent in business lending. And the confidence in the economy is back, and I think it is back in a permanent manner.”
Prof Prasad said the economic environment was very conducive to the work of architects and by extension, the entire construction industry.
He said Fiji was fortunate as a Pacific leader to have a great calibre of architects and the business they carried out also helped create confidence.
Prof Prasad also spoke about the comprehensive review report of the health sector in Fiji by the World Bank.
He said the reforms being undertaken to enhance Fiji’s public health facilities would create an investment of about $650 million in the next three to four years.
“That again, will provide significant opportunities for our investors and also for people like yourselves.”
