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 farming, fishing, and forestry (especially pine trees) are being encouraged in order to diversify the economy; the leading manufacturing industries involve the processing of primary products. On 14 April 2005, the Cabinet approved Prime Minister Laisenia Qarase's proposal to develop a biofuels 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 Fiji Sugar Corporation into an energy and sugar company would result in a turnover of F$1 billion by 2025, he said, and would cut imports of crude oil, generate export earnings, and provide a source of electricity. Energy could be produced from copra, forest, and agricultural products, as well as sugar. He touted the scheme as necessary for diversifying and strengthening the sugar industry for its own survival and the nation's economic good. He said that the government of India had loaned F$86 million for the upgrading of Fiji's sugar mills, which would be completed in time for the 2007-2008 crushing season.
On 28 December 2005, John Teiwa of the Coconut Industry Development Authority announced that a 20-year plan for the coconut industry would be launched in 2006. Finance from international investors, including the government of India, would be sought to develop the processing of virgin and extra virgin coconut oil, with a view to venturing into foreign health markets. The government expected an annual profit of F$120 million from the venture, Fiji Village reported. Trials for the generation of fuel from coconut oil were also in progress, Teiwa said.
Read more about this topic: Economy Of Fiji
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