12 Nov 2003

Fiji budget measures to boost north

7:07 am on 12 November 2003

The Fiji Government has introduced a number of measures in its 2004 national budget to boost the depressed economy of the north comprising Vanua Levu and Taveuni.

The Government intends to provide tax concessions to investors putting money in the north and introduce a new loan facility administered by the Fiji Development Bank.

The facility will offer more flexible interest rates, repayments periods and equity requirements for projects in the agricultural, industrial and commercial sectors.

To attract foreign investment and tourists, the government will allow yachts to be brought in duty free for those taking up residence.

The Government also plans to develop water and sewerage facilities in Labasa and Savusavu towns.

The measures have received widespread welcome with Savusavu residents in particular saying they have the potential to further boost the number of yachts visiting the northern town.