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Steel Mill Project Seen As Positive Step Towards Diversifying Economic Base

Government has once again stressed the need for Fiji to diversify its economic base. The ground breaking ceremony for the upcoming steel mill project by Dayals Steels PTE Limited in
11 Nov 2016 11:10
Steel Mill Project Seen As Positive Step Towards Diversifying Economic Base
The Dayal family with the Attorney-General and acting Prime Minister, Aiyaz Sayed-Khaiyum, at the ground breaking ceremony of Dayals Steels PTE Ltd’s Steel Mill Project at Yalelevu, Ba, yesterday Photo: ARISHMA DEVI-NARAYAN

Government has once again stressed the need for Fiji to diversify its economic base.

The ground breaking ceremony for the upcoming steel mill project by Dayals Steels PTE Limited in Yalalevu, Ba, yesterday, was labelled as a positive step towards achieving this.

The Attorney-General and Minister for Economy and acting Prime Minister, Aiyaz Sayed-Khaiyum officiated the ground breaking ceremony yesterday.

Mr Sayed-Khaiyum said Fiji is simply too dependent on tourism and sugar and had Tropical Cyclone Winston hit all the major tourism areas, we would have been pushed back 30 years.

“So when your economy is only dependent on one or two things, you have a greater risk. So our job as government is to mitigate that risk and to engender a sense of confidence in business to invest in other areas,” he said.

“If we have this steel mill exporting more, we get more foreign dollars and we build up more foreign reserves and it creates more jobs.

“Therefore, if you have more contributions by other businesses, then you have an economically diverse space and we are not dependent on one or two sectors alone.”

Mr Sayed-Khaiyum gave the assurance that Government is very supportive of new business ventures and welcomed the latest investment by the M R Dayal Group.

The family Group has had 75 years of business history. It has been hailed as an enterprising family that has developed a culture of innovation and leadership.

 

The venture

Dayal Group executive director, Jay Dayal, said the $22 million steel mill venture was part of their continued diversification strategy to drive business growth.

He noted the timing could not have been any better with the announcement in the 2016/2017 Budget on the inclusion of Ba in the tax-free region, extending it right up to Ba side of the Matawalu river.

“This stimulus provided us the much-needed incentive to embark with the project,” he said.

“I am pleased to announce that Dayals Steel has been granted a provisional approval for the tax-free region by the Minister for Economy.

“Today’s ground breaking ceremony is also an appreciation and acknowledgement of that support by the Bainimarama Government to local entrepreneurs like us.”

Mr Dayal stressed Fiji is presently undergoing an unprecedented phase of sustained economic growth over the past several years.

He said the construction industry has played a significant part in driving growth and this project will give that a further boost.

Edited by: RACHNA LAL

Feedback:  rachnal@fijisun.com.fj



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