Fiji to host inaugural Tourism Investment Summit
Investment Fiji and Tourism Fiji are collaborating on a unique opportunity with the support of International Finance Corporation (IFC) to bring up to 40-50 key businesses and investors to Fiji to participate in a two-day Fiji Tourism Investment Summit which is sponsored by HFC Bank and Telecom. The summit which will be held at Sheraton Fiji Golf & Beach Resort on March 30th -31st aims to promote potential investment opportunities which currently exists in Fiji’s tourism sector.
“A key focus of Government is to drive private sector investments. That means, providing the most conducive environment that gives confidence to domestic and foreign investors. So, we are committed to removing barriers to investment that paves the way for a private sector led recovery, especially in tourism. In the short to medium term, we’re looking at around 4,000 rooms in line with Fiji Airways’ expansion plans,” stated the Deputy Prime Minister and Minister for Tourism and Civil Aviation, Hon. Viliame Gavoka.
Investment Fiji Chief Executive Officer Kamal Chetty said Fiji is open to investors interested in tourism related projects that will add value to the tourism industry.
“This year, Fiji can expect a continued growth within the sector as markets in Asia and Canada become accessible. Therefore, to accommodate this demand and growth, Fiji will require enormous investments within the tourism sector. The Fiji Tourism Investment Summit will be an ideal platform to connect stakeholders in tourism industry with the international investors,” said Chetty.
“Our key aim of the Summit is to bring together representatives from Fiji’s tourism industry, public sector, investment, and real estate industries to provide investors with the latest information on tourism sector investment opportunities, incentives, the gaps that exist, and the potential growth of the sector,” highlighted the Investment Fiji Chief Executive Officer.
Tourism Fiji Chief Executive Officer Brent Hill said that since the beginning of this year, the hotel occupancy has exceeded previous records by approximately 40%, indicating a growing demand.
“We understand the need to increase the number of rooms available. According to independent sources, it is estimated that around 4,000 to 5,000 rooms will be required, and it is crucial that they are built sustainably. The upcoming summit presents an excellent opportunity for key investors and hotel brands to engage in discussions with Investment Fiji and government organisations to explore the ease of doing business and showcase that Fiji is open for business,” he added.
Hill also stated that “there’s already a bump in tourism investment as we see some great projects coming to shape –definitely investor confidence is high. It is great to witness some great brands showing interest in attending the event and Fiji is keen on showcasing its potential.”
The FTIS will also bring together representatives from Fiji’s tourism, Government, investment and real estate industries to provide information on incentives, current opportunities and gaps for potential growth. Some of the confirmed attendees include global representatives from major private equity firms and hotel brands such as Accor and Marriott, and global real estate agencies such as Jones Lang LaSalle.
“Fiji is a well-established tourist destination and it’s great to see the tourism sector rebounding strongly from the economic shock caused by the pandemic. However, we must also all be mindful of the increasing threat posed by climate change which means it’s more crucial than ever that future development of this key sector is undertaken in a green and sustainable way,” said Judith Green, IFC Country Manager for Australia, New Zealand, Papua New Guinea and the Pacific Islands.
“IFC wholeheartedly supports the Fiji government and this important summit, and we stand ready to bring our international expertise and influence to help unlock investment that can create jobs and help drive economic growth.”