PM Rabuka’s remarks at the Prime Minister’s International Business Awards 2024

Deputy Prime Minister and Minister of Finance, Hon. Biman Prasad

Deputy Prime Minister and Minister for Tourism and Civil Aviation, Hon. Viliame Gavoka,

Cabinet Ministers;

Na Marama Bale Roko Tui Dreketi, Ro Temumu Kepa,

Reserve Bank of Fiji, Governor Ariff Ali,

Your Excellencies, Members of the Diplomatic Corps;

Consulate Generals,

Permanent Secretaries,

Commissioner Western Division,

Vice President of Network Infrastructure for Google and Chairman of Pacific Connect Initiative, Brian Quigley,

Investment Fiji Board Chair Jenny Seeto, & Board of Directors, CEO of Investment Fiji,

Supreme Award Sponsor, Fiji Water,

Sponsors and major event partner Tappoos Group;

Other event partners,

Distinguished Guests,

Ladies and Gentlemen.

Ni sa Bula Vinaka and a very good evening to you all,

First, let us honour the traditional owners of this land, on which we gather.

Kina Vanua o Navatulevu vua na Gone Turaga, na Tui Nadi.

We also pay our respects to Chiefs, Leaders and Elders - past, present and future. We thank you for allowing us all to benefit from and live on God's and our Ancestors' gifts to you and your Vanua.

Ladies and Gentlrmen, thank you all for joining me tonight for the Prime Minister's International Business Awards Announcements, and Presentations for 2024, the most prestigious event in our nation's business calendar. It is a great honor to stand here among our country's most innovative and successful business leaders.

The Prime Minister's International Business Awards is more than just a ceremony; it's a celebration of the dedication and hard work of our vibrant business community. It is in fact an opportunity for the Prime Minister, on behalf of the people of Fiji to deliver a Vote of Thanks to you leaders and Captains of Industry and Business Houses of Fiji, for all you do to give us Fijians, the standard of living and quality of life we enjoy today.

Tonight, we gather to recognize excellence and innovation, showcasing how businesses in Fiji are at the forefront of driving economic growth through sustainable practices, ensuring the country and its people a comfortable socio-economic environment.

This year's theme, "Business Innovation and Sustainability," reflects our commitment to fostering an economy that thrives on creativity while being mindful of our environment. It is essential that we not only focus on growth but also be mindful of sustainable solutions that protect natural resources for future generations. Many of you here tonight have embraced this, demonstrating that profitability and sustainability can work hand in hand.

These awards provide an opportunity for all businesses to set higher standards, inspire creativity, and enhance corporate responsibility. We commend your efforts in pushing the boundaries of what is possible and your dedication to making positive impacts within your industries and communities.

As we reflect on the history of these awards, which began in 1992, when I was Prime Minister, and the youngest Member of Cabinet, it is inspiring to see the profound transformation that has happened within Fiji's business landscape. Each year, we celebrate not only the achievements of the present but also the innovative past journeys that have shaped our economy.

The Prime Minister's International Business Awards stand as a beacon, recognizing and rewarding businesses of all sizes and sectors. This year marks a significant milestone, with a record-breaking 249 applications-a remarkable increase from previous years. This highlights the enthusiasm and engagement of our business community in pursuing innovation and sustainability.

The Prime Minister's International Business Awards 2024 has expanded to include four new categories: the Employer of the Year Award, the Excellence in Fisheries Award, the Excellence in Forestry Award, and the Excellence in Yasana (Provincial) Aspiration Award. These new categories not only reflect the diverse nature of our economy but also underscore our commitment to celebrating innovation across various sectors.

Ladies and Gentlemen,

As we look at the current economic landscape, it is essential to reflect on the guiding framework of Fiji's National Development Plan 2025-2029 and Vision 2025. This plan outlines our commitment to sustainable growth, economic resilience, and inclusive development. In recent years, Fiji has faced significant challenges-from the impacts of climate change, a major global pandemic, to global economic shifts-but Fiji has responded very creditably, coming out with a renewed focus and determination on diversification and innovation.

Our National Development Plan prioritizes investment in key sectors such as tourism, agriculture, and technology, ensuring that we not only recover but thrive. Through strategic partnerships and investments, we aim to create a more robust economy that benefits all Fijians. The government is dedicated to fostering an environment that encourages foreign direct investment, supporting local businesses, and positioning Fiji as the rising hub for international trade and communication.

Ladies and Gentlemen,

As we celebrate the winners of the Prime Minister's International Business Awards 2024, let us be inspired by the stories of innovation that surround us.

I must emphasize the crucial role of the private sector organizations and businesses in our collective effort towards improving Fiji's economy. You are the drivers of economic growth, the creators of job opportunities, and the champions of innovation. It is your hard work, dedication, and unyielding spirit that have led us to where we stand today.

Tonight, we will honor those who have demonstrated excellence in various categories, from sustainable practices to technological innovation. I am particularly proud to highlight the stories of our local businesses that have thrived in challenging times, harnessing creativity and determination to achieve remarkable outcomes. Each of you is a beacon of inspiration, showcasing the immense potential of Fijian enterprises on the global stage.

Ladies and Gentlemen,

I must emphasize that tonight, we come together not only to celebrate the remarkable success of these businesses across various categories of the Prime Minister's International Business Awards, but also to celebrate the exceptional growth of our economy.

According to the Reserve Bank of Fiji, Fiji's economy grew by 7.5% in 2023 and is now forecast to grow by 3.8 percent in 2024, an upward revision from the 2.8 percent projected in June this year. The upgrade in economic growth reflects notable improvements in several partial indicators from the middle of the year.

Tourism earnings, cumulative up to June, have already surpassed the billion-dollar mark, marking a staggering increase of 125.0 percent from the previous year and a remarkable 12.3 percent higher than pre-pandemic earnings. This success is primarily attributed to the growth in visitor arrivals and higher spending levels. We expect tourist inflows to approach pre-pandemic levels in 2023 and then continue on the long-term growth trend.

This rebound in the tourism sector is not only a testament to our resilience but will also play a significant role in driving momentum in our economy.

This remarkable growth is not just about numbers; it's about the countless hours of hard work, the ingenuity, and the unwavering spirit of Fijian businesses, which have contributed significantly to this resurgence. It is your dedication and your commitment to pushing the boundaries of what is possible that have brought us here tonight. Your success is not only a reflection of your achievements but also a testament to the potential of our great nation.

Ladies and Gentlemen,

To tap into this potential, its crucial to have organisations such as Investment Fiji, our nation's only Investment Promotion Agency.

The team at Investment Fiji plays a crucial role in attracting foreign direct investment, promoting public-private partnerships and providing essential support services to both local and foreign investors to foster economic growth and development in Fiji.

By providing comprehensive support services, such as market research, regulatory guidance, and investment facilitation, Investment Fiji empowers businesses to thrive and expand.

The organisation is instrumental in attracting foreign direct investment, which is crucial for diversifying the economy and generating employment opportunities but it is more so committed to sustainable and innovative development, ensuring that investments align with Fiji's Social Development Goals.

The organization's continuous efforts to attract investors, particularly in emerging sectors, demonstrate its dedication to driving economic progress and positioning Fiji as a competitive investment destination.

Diversification of our sectors have been a key focus for the organisation in safeguarding our economy from external factors in the future. Fiji's economic structure has long been reliant on key sectors like tourism and agriculture. While these sectors remain important, the need to diversify our economy has never been more pressing.

The agency is actively focusing on emerging opportunities within sectors like tourism, agriculture, manufacturing, ICT, and maritime industries. In tourism, for instance, the focus is shifting from traditional accommodation to markets such as educational tourism, medical tourism, retirement villages, sports tourism, and digital nomads.

In the ICT sector, Fiji is poised for remarkable growth. With investments like the Google Data Center and the expansion of the Business Process Outsourcing (BPO) industry, there is immense potential to create high-value jobs and position Fiji as the leading BPO destination in the Pacific.

In agriculture, the emphasis is on promoting high-value, export-ready products such as cocoa, vanilla, honey, coffee, pawpaw, and pineapple. These products not only add value to our agriculture sector but also tap into premium international markets, enhancing the livelihoods of our farmers and producers.

Ladies and gentlemen,

Investment Fiji's work is critical to creating an inclusive, resilient, and diversified economy that offers opportunities for all Fijians.

To our esteemed investors, I want to reaffirm that Investment Fiji is here to facilitate and guide businesses through bottleneck issues as well as provide support to both local and foreign investors through advocacy for policy improvements, and connections with networks that ultimately tap into the country's investment opportunities.

The team at Investment Fiji are committed, and resolute in their mission to assist you on your journey for success which is the essential cornerstone for the prosperity of our nation.

I express my heartfelt appreciation to the Board, CEO, and staff of Investment Fiji for their invaluable contributions in making this event a resounding success.

Your tireless efforts reflect the organization's commitment to excellence and its pivotal role in driving Fiji's economic growth.

Ladies and Gentlemen,

I also congratulate all the nominees and winners for their dedication, their innovative spirit, and their commitment to Fiji's growth. You are the lifeblood of our economy, and your achievements are a testament to the Fijian spirit.

We look forward to witnessing your continued success and the positive impact you will have on our great nation. Let us all work together to build a Fiji that is more prosperous, innovative, and resilient than ever before. Let us continue to 'Empower the People of Fiji through Unity'.

Most importantly, Vinaka vakalevu to all the sponsors and event partners. Without your generous support we would not have been able to make tonight's gathering possible. We are truly grateful for your commitment to fostering growth and development in Fiji. Thank you for your continued partnership.

Vinaka Vakalevu, Thank you, and Congratulations to all the winners tonight.

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