Economy of Fiji
Endowed with forest, mineral, and fish re-
sources, Fiji is one of the most developed of
the Pacific island economies, though it re-
mains a developing country with a large sub-
sistence agriculture sector. Agriculture ac-
counts for 18 % of Gross Domestic Product,
although it employs some 70 % of the work-
force as of 2001. Sugar exports and a grow-
ing tourist industry are the major sources of
foreign exchange. Sugar cane processing
makes up one-third of industrial activity;
coconuts,
ginger,
and copra are also
significant.
Fiji Village quoted Energy Minister Lekh
Ram Vayeshnoi on 22 September 2006 as
confirming that the Southern Cross Manage-
ment Company Limited had applied for a li-
cense to drill for petroleum in Fiji’s waters.
Two other companies had already been gran-
ted licenses to explore Bligh Water and the
Lau waters.
The country’s
tallest building
is
the
14-story Reserve Bank of Fiji Building in
Suva. Fiji is a member of the WTO.
Development plan
In September 2002, the government an-
nounced a 20-year development plan. Among
other things, it aims to give indigenous Fiji-
ans a great stake in the economy. The plan
envisages tax-relief to businesses owned or
managed by ethnic Fijians, along with great-
er protection for indigenous land and fishery
rights.
A major aim of the Fijian government is to
achieve self-sufficiency in rice production.
Cattle farming, fishing, and forestry (espe-
cially pine trees) are being encouraged in or-
der to diversify the economy; the leading
manufacturing industries involve the pro-
cessing of primary products. On 14 April
2005, the Cabinet approved Prime Minister
Laisenia Qarase’s proposal to develop a bio-
fuels industry. Under the plan, ethanol is to
be developed as a complement to the sugar
industry, with the hope of alleviating Fiji’s
dependence on imported fossil fuels such as
petrol.
On 15 August, Qarase said that the United
Nations Development Programme (UNDP)
had granted assistance to Fiji to develop its
biofuels project. Transformation of the F