The Coalition government has significantly increased funding for the Ministry of iTaukei Affairs in an effort to strengthen Fiji’s indigenous population.

Announcing the new budget, Minister for Finance Professor Biman Prasad highlights that the government allocated a provision of $39.4 million for the Ministry, a notable rise from the approximately $17 million allocated before the coalition government took office.

Prasad says that the highlight of this budget is the introduction of a new scheme aimed at providing interest-free loans to support the development of iTaukei resource owners and investments by provincial holding companies.

“The Fiji Development Bank and Merchant Finance have already partnered with the Government to provide loans with 3 years of interest subsidy paid by the Government. We have provided $4 million which can cater for almost $60 million of interest free loans.”

The Minister emphasizes that in addition to financial support, the government is also extending incentives to promote indigenous-owned businesses.

He states that existing indigenous companies will now be eligible for tax holidays and duty concessions if they invest in Tax Free Regions.

Previously, these benefits were exclusive to new businesses, but this flexibility aims to bolster the growth and sustainability of indigenous enterprises.

The government’s commitment to iTaukei empowerment is evident through these comprehensive measures, which are designed to foster economic development and enhance the prosperity of Fiji’s indigenous community.