The Fiji Indigenous Business Council is calling on the Government to set aside a procurement quota for indigenous businesses from its estimated $2 to $3 billion annual spend.
Speaking at the council’s ‘The Reset Imperative’ forum at the Novotel Lami Bay, FIBC chairman Ulai Taoi said such a policy would accelerate iTaukei participation in the economy.
“Government does about maybe two to three billion dollars a year,” he said.
“That’s one way in which it can accelerate indigenous participation. And it will give some stability in terms of engaging the indigenous businesses.”
He pointed to New Zealand, Australia and Malaysia as countries that used procurement quotas to support indigenous and minority-owned businesses.
Mr Taoi said 65 per cent of Fiji’s population is indigenous, and the community controlled an estimated 91 to 95 per cent of resources, yet business participation does not reflect those numbers.
He said FIBC also wanted to unite smaller sector groups under “one voice” to lobby Government on policy and law changes affecting indigenous business.
Mr Taoi said wealth creation must shift from consumption to building assets for future generations.
“Wealth creation to us is what we put aside for the next generation.
“What systems do we have so that at the end of the day it benefits my children, my grandchildren?”
He added mindset and training in financial literacy, discipline and governance were needed to support business growth.
The two-day forum ended last Friday.
