[Photo: Fiji Government/FACEBOOK PAGE]
Plans are progressing for a new $792 million shipbuilding and ship repair facility in Lautoka, following Cabinet’s endorsement of a feasibility study aimed at revitalising Fiji’s shipbuilding industry.
Lautoka has been identified as the preferred location due to its proximity to existing port infrastructure and the availability of land.
The proposed facility is projected to generate $2.7 billion in revenue over 30 years, against estimated operating costs of $2.4 billion during the same period.
The feasibility study recommends a Public-Private Partnership model to attract private investment and expertise while reducing the Government’s financial exposure.
Article continues after advertisement
A phased approach has also been proposed, beginning with ship repair services before expanding into shipbuilding operations.
The Australian Government has indicated support for the next phase through technical, legal and financial assistance.
Engagement with the Australian Infrastructure Financing Facility for the Pacific will also continue to support procurement and the identification of a suitable private sector partner.
The proposed development is expected to create employment opportunities, attract foreign investment and strengthen local industries and supply chains.
It is also expected to support skills development and technology transfer for Fijian workers and businesses.