FIJI received an economic boost of $4.5billion in remittances alone in the years 2019-2023, said Deputy PM and Minister for Trade Manoa Kamikamica.
Mr Kamikamica, while updating Parliament on the USA-Fiji Investment and Savings Drive 2024, said the initiative received positive feedback from Fijians abroad, providing investment and saving opportunities while the country received an economic boost.
“Fiji’s diaspora community plays a pivotal role in the development of our economy. The numbers speak volumes or speak for themselves; between 2019 and 2023 alone, Fiji has received a staggering $4.5billion in remittances alone,” the DPM said.
He said while the US was the second highest source of remittances at 24 percent, Australia was the highest at 44 percent.
“Personal remittances increased by 23.2 percent to $1.1723billion in the 2022-2023 period.
“These figures have been increasing on an average of about 17 percent since 2019. To put this into perspective, it is almost 10 percent of the GDP, directly supporting countless households and businesses across the country.
“Many of our diaspora members, particularly in countries like the United States, Canada, Australia, and New Zealand, are eager to do more. They want to invest in Fiji, plan for retirement, and actively participate in the country’s development.”
He said through the saving and investment drive, they were able to bridge the gap the diaspora lacked in terms of information, access, support, and the right policies.
He said more than 100 members were served with new diaspora investments exceeding $1million that were recorded over the six days.
“This is a true reflection of what we can achieve when we listen to our people and work together for the betterment of Fijians.”
NOTE: This article was first published in the print version of the Fiji Times dated December 16, 2024.
