“If we want to grow, we have to ensure that we have a broad based economy growth.”
This was highlighted by the Minister for Economy and Attorney General Aiyaz Sayed-Khaiyum during the Fiji Chamber of Commerce Business Forum at Grand Pacific Hotel in Suva today.
Sayed-Khaiyum says they cannot simply rely on tourism or sugar industry if they want to grow, and this can be achieved through various policies.
He says that it can be seen in the Primary Industry Sector that Agriculture has grown.
Sayed-Khaiyum says that in the past, agricultural leases could only be given for 30 years whether it is i-Taukei or State land.
He says if this type of land should be leased for tourism, residential or industrial purposes, it will be for 99 years.
Sayed-Khaiyum says that this is why investment in agriculture was not in large scale.
He says that main stream commercial banks do not lend money in the agriculture sector to carry the bond by FDB.
Sayed-Khaiyum says in countries like Australia, main stream commercial banks lend to the agriculture sector but in Fiji they don’t and this has to change.
The Minister for Economy also highlighted that the law have been changed and agriculture leases can be leased for 99 years from the iTaukei Land Trust Board.
Sayed-Khaiyum says they live in a globalized world and if they want to grow rapidly they need to be able to think that they need to source the resources including human capital from offshore.
