Naisoso project set to boost economy with $500m investment

February 25, 2023 12:34 pm

Tourism Capital Partners has launched the $500 million Sorena Naisoso project, aimed at creating economic growth in Fiji.

Tourism Capital Partners Director, Andrew Griffiths says the first phase of the project will cost $150 million, providing retail and restaurant spaces, along with commercial office space for business process outsourcing.

The second phase will include apartment blocks, costing $100 million, while the third phase will feature 300 hotel rooms for $250 million.

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“We’ve got a chronic shortage of hotel rooms, so those apartments will be leased out on a nightly basis, will service that market. We’ve all heard about the growth opportunity that there is in the business process outsourcing sector, which is really constrained in the same way that the hotel industry is lack by a lack of infrastructure.”

Deputy Prime Minister and Minister for Finance Professor Biman Prasad states this project is set to employ hundreds of Fijians, with an estimated construction stimulus of $240 million and an operational stimulus of $25 million per year.

“We already know that Denarau is a significant economic driver for the Fijian economy and the three phases with the Naisoso project will obviously add to that. The economic benefits we are told is expected to grow exponensionally.”

Professor Prasad adds that the long-term goal is to create a capital expenditure stimulus of $1.1 billion and an annual stimulus of $300 million, contributing to Fiji’s sustainable economic growth and long-term prosperity.