A GENERAL lack of aggression is a significant weakness in itaukei -owned and operated businesses, said Fiji Development Bank (FDB) chief executive officer Filimone Waqabaca.
Speaking at the Fiji Indigenous Business Council (FIBC) 2025 Symposium at Novotel in Lami on Wednesday this week, Mr Waqabaca said iTaukei businesses comprised 40per cent of FDB’s total accounts, valued at close to $96m across all sectors, the top four being wholesale/retail hotels and restaurants (40per cent), agriculture sector (40per cent), professional and business services (9per cent), and transport, communication and storage (4per cent).
“An area that we can work on is probably to be competitive,” Mr Waqabaca said in an interview with The Fiji Times.
“As I mentioned, about 40per cent of our loan book are for iTaukei business owners.
“From experience, observation and also what was highlighted during this symposium, some of the areas that we (itaukei) need to work on is discipline in our management of finances, having proper book keeping, accounting, having cash flow management and proper records,” he said.
“These are requirements that are normally needed by financial institutions.
“I think those are some of the areas which we probably may take lightly but are critical in terms of assessment by financial institutions before they lend.
“And I think that has also surfaced in the discussions here.”
He said the symposium’s central theme on the need for networking was apt and a powerful tool that iTaukei-owned businesses should tap into.
“I really support the idea of indigenous businesses networking from the various sectors or niche that they operate and across the aisle to sectors where they may not operate in as the more we talk, the more we socialise, the more we network, we reinforce each other and then we grow together.
“There was a good session on networking (on Day One of the symposium) and I really believe that should be done amongst the iTaukei businesses if we want to see progress,” Mr Waqabaca said.
Note: This article was first published on the print version of the Fiji Times dated May 31, 2025
