The tourism sector is projected to grow to a $3 billion industry this year as markets in Asia open up and new markets, including Canada, come on stream.
This exciting development was shared by Deputy Prime Minister Manoa Kamikamica with stakeholders from the public and private sector who are part of the inaugural Fiji Tourism Investment Summit 2023 on Denarau yesterday.
“It is anticipated that by the end of 2024, there will be up to 1 million tourists visiting Fiji,” the minister said.
“As a result, Fiji needs more resort and hotel investments to keep up with demand and take advantage of the increased interest in the country.
“Tourism is the main driver of demand for accommodation in Fiji, with the country’s warm tropical climate, beautiful beaches, and rich culture attracting a large number of visitors each year.”
Mr Kamikamica said the accommodation sector in Fiji was highly competitive, with many properties offering top of the line facilities and services to attract guests and a sector that was an important contributor to the country’s economy, with a range of accommodation options available to tourists and travelers which include luxury resorts, boutique hotels, and backpacker hostels.
“Many of these properties are located on the main island of Viti Levu, which is home to the country’s capital city, Suva, and the popular tourist destination of Denarau Island and Nadi.
“The tourism industry contributes significantly to Fiji’s economy and is the country’s largest foreign exchange earner, contributing around 40 percent for Fiji’s Gross Domestic Product (GDP).”
He said post pandemic, Fiji had seen a tremendous recovery where the demand for tourism was progressively superseding 2019 levels and last year alone, Fiji received 636,312 visitors which was a recovery of 71 per cent.
“This comes off Fiji’s critical competitive advantage in relation to tourism options and sustainable development such as strong sustainable commitments and its rich cultural diversity.
“This growth in international visitor arrivals anticipates a conforming increase in capacity requirements and demand for new products, facilities and services, thus paving the way for investment opportunities.”
