As long as boats stay in Fiji, their owners will spend money here, said Vuda Marina general manager Adam Wade.
He said in the 2024-2025 National Budget, the provision for yachts to remain in Fiji waters had been reduced to 24 months and this would have a drastic effect on the yachting sector.
“Yachts were able to stay in Fiji previously for 54 months and now it is down to 24 months,” Mr Wade said at the recent Nadi Chamber of Commerce and Industry post-budget consultations in Nadi.
He said in pre-COVID-19, the yachting sector brought in around $60million to the economy and now had increased to more than $100million.
“It is a niche market and as long as there are boats in Fiji, they will be spending.
“Yachties will spend money on food, shopping and their friends and families will be staying in hotels.”
Mr Wade said the Vuda Marina now had a staff of 110, an increase of 80 per cent in recent years.
“It is a very far-reaching industry and pretty much all marinas in Fiji are locally owned and the decision pretty much affects everyone.
“99.99 per cent of yachts that arrive in the country bring in tourists, and they are funnelling foreign reserves directly into the country.”
