BPO sector key to Fiji’s debt reduction
SUVA, FIJI — The Fijian government is actively seeking new investments in the Business Process Outsourcing (BPO) sector as a strategic move to reduce the nation’s debt exposure.
This initiative was underscored by the Minister for Trade, Manoa Kamikamica, who emphasized the sector’s potential during a recent discussion on government support for the fast-growing industry.
Kamikamica highlighted that with sustained government backing, the BPO sector is already contributing approximately $200 million in foreign investment. He expressed optimism about the sector’s future, stating,
“The country has a lot of potential, so we will just try to continue to grow the economy. Once we do that successfully, we will bring the debt exposure down in terms of debt to GDP.”
Economic growth and job creation
Outsource Fiji Executive Director, Sagufta Janif, echoed Kamikamica’s sentiments, noting that Fiji can significantly benefit from the sector’s expansion.
She pointed out that the global market for outsourcing services was valued at $620 billion in 2022 and is projected to grow at a compound annual growth rate of 5.5%, reaching around $900 billion by 2027.
Janif emphasized the need for necessary improvements to attract greater investment in Fiji’s BPO sector. She projected that the outsourcing industry could create 25,000 jobs in the next five to eight years, provided that the required infrastructure is developed to support this growth.
Enhancing connectivity for growth
The entry of major tech players like Starlink and Google into the Fijian market is also expected to bolster the BPO sector by enhancing connectivity.
This increased connectivity is anticipated to drive GDP growth, making the BPO sector a pivotal element in Fiji’s economic strategy.
Government initiatives like the EXO Fiji event later this month also help promote Fiji as an attractive outsourcing destination and hub for the Asia Pacific region.
