Fiji as a Transitional Society

Topics: Fiji, Fijian people, Laisenia Qarase Pages: 16 (4061 words) Published: March 18, 2013
Economy of Fiji
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Endowed with forest, mineral, and fish resources, Fiji is one of the most developed of the Pacific island economies, though it remains a developing country with a large subsistence agriculture sectorTemplate:Https:// Agriculture accounts for 18% of Gross Domestic Product, although it employs some 70% of the workforce as of 2001. Sugar exports and a growing 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 Management Company Limited had applied for a license to drill for petroleum in Fiji's waters. The application was later revoked after exploratory reports indicated that Fijian oil reserves were severely overstated. Accepted scientific estimates now range between 500 - 600 million barrels of Brent Crude oil, with a total market value of approximately $4.7 billion over 20 years. The country's tallest building is the 14-story Reserve Bank of Fiji Building in Suva. Fiji is a member of the WTO.

|Contents | |1 Development plan | |2 Tourism | |3 Trade | |4 Investment | |5 Economic problems | |5.1 Emigration | |5.2 Property laws and investment problems | |5.3 Natural disasters | |5.4 Tourism woes | |5.5 Homelessness | |5.6 Human Development Index | |5.7 Gold mining layoffs | |6 Economic statistics | |6.1 Income | |6.2 Inflation rate (consumer prices) | |6.3 Workforce | |6.4 Budget | |6.5 Industries | |6.6 Electricity | |6.7 Agriculture | |6.8 Imports | |6.9 Debt and aid | |6.10 Currency | |7 References | |8 See also |

[edit] Development plan

In September 2002, the government announced a 20-year development plan. Among other things, it aims to give indigenous Fijians a great stake in the economy. The plan envisages tax-relief to businesses owned or managed by ethnic Fijians, along with greater protection for indigenous land and fishery rights. A major aim of the Fijian government is to achieve self-sufficiency in rice production. Cattle...
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