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The Great Council of Chiefs is planning to establish a national endowment fund to provide long-term financial security for all 14 provinces and strengthen iTaukei participation in Fiji\u2019s economy.<\/p>\n
GCC Chair Ratu Viliame Seruvakula says the proposal is to create a holding entity that will generate income and protect indigenous communities from future economic shocks.<\/p>\n
He says the idea is based on the original vision of Fijian Holdings, which was set up to ensure iTaukei were not left out of the formal business sector.<\/p>\n
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Ratu Seruvakula says the GCC is now looking to develop a similar investment model, but one that operates as an endowment fund, where capital is preserved and earnings are used to support provincial development.<\/p>\n
He adds that the model being considered is similar to Singapore\u2019s sovereign wealth fund, which is designed to provide long-term financial stability for its people.<\/p>\n
The GCC Chair says such a fund would act as a financial safety net for iTaukei communities, especially during major crises such as pandemics, natural disasters, or economic downturns.<\/p>\n
He says the impact of COVID-19 has shown how vulnerable many families and provinces are when income sources suddenly disappear.<\/p>\n
Ratu Seruvakula says it is now critical for iTaukei leadership to learn from past events and put systems in place that can protect future generations from debt and hardship.<\/p>\n
He adds that while future global and national crises are unavoidable, a well-managed endowment fund could help ensure provinces are better prepared and less dependent on emergency assistance.<\/p>\n
The GCC believes the initiative will strengthen long-term economic independence and provide lasting benefits for iTaukei across Fiji.<\/p>\n
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