FIJI has an investment pipeline worth about $9.35billion against a $14billion target, with most projects already progressing beyond the conceptual stage.
Fiji Development Bank chief executive Filimone Waqabaca told the Fiji Australia Business Council forum that there were 268 active projects, with 41 per cent in pre-development, 39 per cent under construction and 20 per cent still conceptual.
He said the figures showed much of the pipeline was moving towards realised investment rather than remaining aspirational.
Domestic direct investment accounts for about 64 per cent of the pipeline, compared with 36 per cent in foreign direct investment.
“Local capital remains the backbone of Fiji’s growth story and foreign investment is additive rather than a substitute for it,” Mr Waqabaca said.
“Real estate leads the pipeline with 110 projects worth about $3.87billion, followed by tourism with 66 projects valued at $3.8billion.
“Energy accounts for four projects worth about $271million, while education, ICT and business process outsourcing are among other sectors targeted for diversification.”
According to Mr Waqabaca the Western Division has 118 projects, followed by Central with 109, the North with 22 and the outer islands with 19.
He said investment faced challenges including land, labour, infrastructure, policy uncertainty and approval delays.
The Government and Investment Fiji were working on measures including an Investment Facilitation Committee, Business NOW digital platform and Transformational Investment Task Force to address these barriers.
He said Fiji still had “some way to go” to reach the $14billion target.
