In a recent address, Fiji's Minister for Trade, Commerce, and Tourism, Faiyaz Koya, underscored the critical role of collaboration within the retail sector to remain competitive in an evolving market. This comes as the global e-commerce market surpassed US$6 trillion in 2024 and is projected to exceed US$8 trillion by 2028. Minister Koya's remarks were echoed by Suva Retailers Association President Jitesh Patel, who reported a near tripling of trade partnerships this year, highlighting the importance of international collaboration for economic resilience [dab06f40].
The retail sector is vital to Fiji's economy, with wholesale and retail sales reaching FJ$6.6 billion in 2023. Key contributors to this figure include fuels, which accounted for FJ$1.7 billion, food and beverages at FJ$876 million, and motor vehicle trade at FJ$521 million [dab06f40].
As consumer behaviors shift, particularly with the rise of online shopping, businesses are urged to adapt their strategies. Minister Koya emphasized that collaboration among businesses is essential to navigate these changes effectively [dab06f40].
This focus on collaboration aligns with the broader trends in Fiji's tourism sector, where the Deputy Prime Minister Viliame Gavoka recently highlighted the importance of sustainable practices and cultural experiences in attracting visitors. The tourism sector is projected to contribute significantly to Fiji's GDP, with gross receipts aiming for FJ$4 billion in the coming years [e948c7d4].
As both sectors evolve, the emphasis on partnerships and sustainability will be crucial for maintaining economic growth and resilience in Fiji's dynamic market landscape [dab06f40].