PM RABUKA’S ADDRESS AT THE FIJI INDIGENOUS BUSINESS COUNCIL

PM RABUKA’S ADDRESS AT THE FIJI INDIGENOUS BUSINESS COUNCIL

https://www.pmoffice.gov.fj/pm-rabukas-address-at-the-fiji-indigenous-business-council-29-05-2024

29 May 2024

The President, Fiji Indigenous Business Council Mr. Ulai Taoi, Board of the Fiji Indigenous Business Council (FIBC), Members of the FIBC, Distinguished Guests, and Ladies and Gentlemen, 

Ni sa Bula Vinaka and warm greetings to you all. 

It is my great pleasure to be here today as chief guest at this year’s Fiji Indigenous Business Council FHL Workshop. 

Today marks a significant revival of an association dedicated to supporting and promoting the participation of indigenous Fijians and Rotumans in business. 

This year’s theme; REGROUP, RETHINK, REFOCUS : CREATING OUR FUTURE IN BUSINESS, reflects our commitment to fostering a thriving indigenous business sector. 

After ten years and a change in government, it is time to regroup. 

Congratulations to the Fiji Indigenous Business Council, the Chairman Mr Ulai Taoi, and his team for reviving the FIBC. 

This workshop is testament to the enduring spirit of our people and reaffirms our commitment to building a better future. 

Despite the challenges throughout the past decade, our businesses have persevered, showing resilience and determination. 

Throughout the two days of this workshop, I encourage you all to rethink your strategies, vision, and solutions. 

We must adopt new approaches and leverage modern technologies to enhance our business operations. Improving access to digital infrastructure, such as high-speed internet, is crucial if we are to enable our entrepreneurs to participate in the digital economy. 

The recent investment by google into the region, to install submarine cables for high-speed internet is key in this regard. 

The project will open up pathways for more of us in the islands to connect with each other and the rest of the world. 

Education and training are vital. I urge you, the indigenous business council to create tailored business education programs focusing on our communities, including entrepreneurship training and financial literacy. 

We must also involve our communities in decision-making processes related to economic development and business support initiatives. 

I encourage FIBC to carry out consultations in indigenous communities on how best they can be supported and encouraged to innovate and take part in business. If FIBC focuses on establishing business incubators and hubs in indigenous communities, these incubators will provide the necessary resources, training, and support. 

Business incubators are not new in Fiji, and the last few decades of how these incubators thrive, how they fail and how businesses have graduated from them, will provide quick learnings for the FIBC. 

I acknowledge FIBC for supporting indigenous businesses because successful indigenous businesses can reinvest in their communities, leading to improved infrastructure, education, health services, and overall quality of life. 

FIBC will also be aware that indigenous businesses have the potential to create employment opportunities within their communities, reducing unemployment rates and promoting economic self-sufficiency. 

I also want to encourage FIBC to be innovative in establishing and expanding grant and loan programs specifically for indigenous entrepreneurs. You must also look at promoting microfinancing options and crowdfunding platforms tailored to the needs of indigenous entrepreneurs as you will have learnt since you were established, are also solutions to greater access to capital. 

It is time for the FIBC to refocus on new business areas and partnerships. You must look at joint ventures and partnerships with the government and private sector companies. 

I encourage FIBC to foster partnerships between government agencies, private sector companies, and indigenous organisations to pool resources and expertise. 

Currently, only 5% of businesses in Fiji are run by the iTaukei. How many of these were established during the pandemic period when our economy nose-dived and thousands lost jobs? How many of those are surviving today, how many have expanded due to their success? 

What learnings are there from the pandemic and from the economic recovery after the pandemic? 

Today, I want to urge FIBC and your members to look at new opportunities and consider joint ventures as a viable option. 

Years ago, my village, the Vanua Navatu and Gulabdas Brothers in Savusavu, jointly purchased a property and today, the value of our 50% investment has grown significantly. This is one example of the potential of joint ventures to create substantial value and long-term benefits. 

We have seen successful ventures such as Fijian Holdings Limited which continues to grow from strength to strength. 

We have also see Yasana Holdings established in 1996 by the iTaukei Affairs Board as a vehicle for the acquisition of shares in Fiji TV via government-provided funds.

Initially, the government provided money to FHL to be repaid after ten years, with a sinking fund to be used for repayments from years eleven to twenty at no interest. 

This financial support enabled Yasana Holdings to invest in valuable assets. Creating our future in business requires a change in mindset and lifestyle. 

I urge you to look beyond the domestic economy and engage in international collaborations that will allow you to learn from global best practices and bring new opportunities to our entrepreneurs. 

Success Stories and Encouragement

To give you some historical perspective on efforts to grow indigenous business, the then SVT-GVP Coalition Government supported the development of indigenous commercial properties, such as those in :

i. Cakaudrove, 

ii. Macuata, 

iii. Tailevu, 

iv. Ba, 

v. Namosi, 

vi. Ro Lalabalavu House in Suva, 

vii. Suvavou House, 

viii. Nadonumai Holdings, 

and ix. Kadavu House. 

These properties have provided a solid foundation for business growth. In our village, we have established a cooperative, built a service station, and set up roadside stalls for women. 

These initiatives provide employment and business opportunities for our people. 

We have mechanics and individuals who can change tyres, and with five buses passing through our village daily, the service station is well-positioned for success. 

Additionally, our yaqona scheme and copra revival efforts demonstrate the potential of traditional industries. Ladies and gentlemen, this is a pivotal moment for us. 

We have the opportunity to reshape our future, to build on the foundations laid by our ancestors, and to create a prosperous and equitable business environment for indigenous Fijians and Rotumans. 

The concept of trade is not new to us. Long before Western and European civilisation introduced a cash economy, our ancestors shrewdly engaged in the barter trade, exchanging goods and services to meet their needs. 

I urge you to embrace the theme of this workshop: Regroup, rethink, refocus, and together, we will create our future in business. 

“Na bisinisi vaka kawa I-Taukei me duri – me dei." Let us ensure that our businesses will stand firm and are resilient, not just to survive but to thrive.” 

Thank you, vinaka vakalevu, and may God Bless us all. 

Vinaka Vakalevu