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The Yacht Industry’s contribution to the Fijian economy will increase another fold as more super yachts are expected to arrive in Fiji waters.

During the 2022/2023 National Budget, Economy Minister Aiyaz Sayed-Khaiyum announced they are amending the definition of super yachts from a minimum length of 24 meters to 18 meters and also reducing charter fees from US$55,000 to $30,000.

Port Denarau Marina Chief Executive, Cynthia Rasch says there has been an increase in interest by luxury charterers towards the Fiji market but limitations on the size of the vessel was a hindrance.

She says this change will entice charter vessels to consider coming to Fiji.

“We would also see more inbound because a lot of owners and guests that come through, don’t come with the boat. They fly in with private boats, private jets, or commercial airlines so that should also see an influx in that side of the market and as there are more boats coming there is more time spent in Fiji, and they will spend more around which should be a significant increase in the contribution from yachting to the economy.”

Economy Minister, Aiyaz Sayed-Khaiyum says the amendments are being done to make Fiji more competitive with other popular tourist holiday destinations.

“Now, of course, post-COVID lot of different markets, different economies are looking at becoming more attractive in terms of getting super yachts to come to their jurisdictions to their countries because super yachts industry of course does offer great economic and financial opportunities.”

The yacht industry currently contributes approximately sixty million dollars to the economy every year.