The economy of Fiji is one of the most developed among the Pacific islands. Nevertheless, Fiji is a developing country endowed with forest , mineral and fish resources. The country has a large agriculture sector heavily based on subsistence agriculture.
Sugar exports and the tourism industry are the main sources of foreign exchange. There are also light manufacturing and mining sectors. The application was later revoked after exploratory reports indicated that Fijian oil reserves were severely overstated. Fiji has a population of , people. The country's tallest building is the story Grand Fijian Tower in Suva. Fiji is a member of the WTO. In September , the government announced a year development plan. Among other things, it aimed to give indigenous Fijians a greater stake in the economy.
The plan envisages tax -relief to businesses owned or managed by ethnic Fijians, along with greater protection for indigenous land and fishery rights. A major aim of the Fijian government is to achieve self-sufficiency in rice production. Cattle farming, fishing, and forestry especially pine trees are being encouraged to diversify the economy; the leading manufacturing industries involve the processing of primary products.
Under the plan, ethanol is to be developed as a complement to the sugar industry , with the hope of alleviating Fiji's dependence on imported fossil fuel such as petrol. Energy could be produced from copra, forest, and agricultural products, as well as sugar. He touted the scheme as necessary for diversifying and strengthening the sugar industry for its own survival, as well as for the national economy.
On 28 December , John Teiwa of the Coconut Industry Development Authority announced that a year plan for the coconut industry would be launched in Financing from international investors, including the government of India , would be sought to develop processing of virgin and extra virgin coconut oil , with a view to venturing into foreign health markets.
