The Government is targeting the establishment of 5000 iTaukei and Rotuman-owned businesses by 2034, with a greater focus on economic ownership, investment and wealth creation.
Prime Minister Sitiveni Rabuka said indigenous economic empowerment must move beyond grants and assistance towards building sustainable enterprises.
Opening the Fiji Indigenous Business Council meeting last week, Mr Rabuka said the objective should be greater participation, ownership, employment, productivity and wealth creation.
“For too long, indigenous economic empowerment has been discussed primarily in terms of assistance, grants, access to land or Government programs,” he said.
Mr Rabuka urged iTaukei business owners to overcome a “spirit of fear and failure” and build successful enterprises that could create opportunities for others.
He said owning land and natural resources did not automatically translate into economic empowerment.
“The question is how much value can be created from the asset, who participates in that value and how much of that value remains within our communities?”
Government has allocated $3.8 million to the iTaukei Resource Owner Support and Development Fund to support residential and commercial development.
However, Mr Rabuka said Government funding alone would not be enough.
“We need to leverage public support to unlock private capital,” he said.
He also called on banks to consider business viability and cash flow, rather than relying primarily on collateral.
Mr Rabuka said Government could further support indigenous businesses by using its purchasing power to create markets, while planned stock exchange listings of hotel and resort groups could provide opportunities for iTaukei families and provincial enterprises to become shareholders.
