Sainimili Magimagi 
The Great Council of Chiefs is planning to establish a national endowment fund to provide long-term financial security for all 14 provinces and strengthen iTaukei participation in Fiji’s economy.
GCC Chair Ratu Viliame Seruvakula says the proposal is to create a holding entity that will generate income and protect indigenous communities from future economic shocks.
He says the idea is based on the original vision of Fijian Holdings, which was set up to ensure iTaukei were not left out of the formal business sector.
Ratu Seruvakula says the GCC is now looking to develop a similar investment model, but one that operates as an endowment fund, where capital is preserved and earnings are used to support provincial development.
He adds that the model being considered is similar to Singapore’s sovereign wealth fund, which is designed to provide long-term financial stability for its people.
The GCC Chair says such a fund would act as a financial safety net for iTaukei communities, especially during major crises such as pandemics, natural disasters, or economic downturns.
He says the impact of COVID-19 has shown how vulnerable many families and provinces are when income sources suddenly disappear.
Ratu Seruvakula says it is now critical for iTaukei leadership to learn from past events and put systems in place that can protect future generations from debt and hardship.
He adds that while future global and national crises are unavoidable, a well-managed endowment fund could help ensure provinces are better prepared and less dependent on emergency assistance.
The GCC believes the initiative will strengthen long-term economic independence and provide lasting benefits for iTaukei across Fiji.
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