FIJI needs about $1.8 billion in investment to achieve its five per cent economic growth target, but slow approval processes are preventing projects in the pipeline from being realised.
Fijian Development Bank CEO Filimone Waqabaca shared this saying Investment Fiji had identified investments in the pipeline that could contribute to the growth target, but delays in securing approvals were preventing them from materialising.
“There is this big target of 5 per cent growth,” Mr Waqabaca said at the Fiji Australia Business Forum.
“And for that 5 per cent growth, you need about $1.8 billion of investment.
“We have those investments in the pipeline, but the approval process is so slow, we are unable to materialise this.”
Mr Waqabaca said Investment Fiji was working with the Government to determine whether the organisation could be given greater regulatory powers to make investment facilitation more effective.
He said Investment Fiji focused on facilitating investment, but did not have the authority to compel government agencies to move quickly on approvals.
“In the meantime, discussions had been held with Government agencies to highlight the importance of expediting investment approvals.”
Mr Waqabaca said three committees had recently been established through discussions involving the Prime Minister’s Office and permanent secretaries to help address the hurdles facing investors.
“The committees included the Investment Facilitation Committee and Business Now.
“And these measures were intended to help unlock investment projects while discussions continued on strengthening Investment Fiji’s powers.”
He described the delays as a longstanding challenge and said a mechanism needed to be established to resolve the issue.
“We need the investment dollar to be coming into the country.”
