Fiji’s capital market has grown to an estimated $4 billion from less than $1 billion when the stock exchange began operations 30 years ago, highlighting the progress made in the country’s financial sector.

However, former South Pacific Stock Exchange (SPX) chief executive Mesake Nawari says there is still significant potential for growth, particularly in encouraging more Fijians to develop a savings culture before venturing into investments.

Mr Nawari, who received the Lifetime Achievement Award at the SPX Annual Awards 2026 at the Grand Pacific Hotel in Suva last night, says the development of the capital market has been a gradual process.

He recalls joining the Stock Exchange at the age of 25, when it operated with just three staff members under the Fiji Development Bank, with only four companies listed.

Trading officially began on July 1, 1996, with buyers and sellers gathering on the trading floor to negotiate share prices.

Looking back at the industry’s development, Mr Nawari says one of the biggest changes has been the growth in the number of investors and the range of investment products now available.

He believes Fijians need to understand that investing in the stock market is part of a wider financial journey, which begins with developing a habit of saving.

“Fijians need to first learn the saving culture, because you have to save before you can invest,” Mr Nawari says.

He explains that people generally progress through different stages of financial investment, from insurance and compulsory savings through the Fiji National Provident Fund to home ownership, unit trusts and eventually purchasing shares.

Mr Nawari says creating a more enabling environment for foreign investment will also be important in strengthening Fiji’s capital market.

He adds that capital markets extend beyond the buying and selling of shares, with opportunities also available through corporate bonds, including green and blue bonds, which can support business development and climate resilience initiatives.

Meanwhile, Deputy Governor of the Reserve Bank of Fiji, Esala Masitabua, says a well-functioning capital market plays an important role in supporting investment and economic growth.

Delivering the keynote address, Mr Masitabua says the focus should be on developing financial markets that are deeper, more accessible and relevant to the financing needs of businesses and the investment needs of the people.

He says transparency, reliable corporate disclosures, good governance and investor protection are essential to building confidence and ensuring the efficient allocation of capital.

Mr Masitabua also acknowledged the challenges facing Fiji’s economy, including cost-of-living pressures, labour shortages, infrastructure needs and exposure to global economic and climate-related shocks.

He says the Reserve Bank remains committed to supporting capital market development while balancing its regulatory responsibilities with the need to encourage growth.

The SPX Annual Awards recognise achievements in capital market performance, corporate reporting, transparency and accountability, while also acknowledging companies that have maintained their presence on the exchange over the years.

The awards were attended by business leaders, financial institutions, listed companies and other capital market stakeholders.

SPX Annual Awards 2026 – Full list of winners

Listing Milestone Recognitions

• 25-Year Listing Milestone Award – RB Patel Group
• 25-Year Listing Milestone Award – VB Holdings
• 25-Year Listing Milestone Award – Communications Fiji
• 25-Year Listing Milestone Award – Pacific Green Industries
• 10-Year Listing Milestone Award – Vision Investments

Capital Market Excellence

• Stockbroker Firm Award – Trading Value Performance: FHL Stockbrokers
• Stockbroker Firm Award – Trading Volume Performance: FHL Stockbrokers
• Stockbroker Firm Award – Most New Investor Introductions: SUN Stockbrokers
• Innovative Investor Relations Initiative: Shreedhar Motors
• Most Actively Traded Security: Kontiki Finance
• Stock Market Journalist of the Year: Eparama Warua
• International Investor Participation Award: Unit Trust of Samoa
• Local Investor Participation Award: Unit Trust of Fiji

Annual Report Awards – Best Practice

• Excellence in Gender Reporting: Fiji Development Bank
• Excellence in ESG Coverage: Pleass Global
• Excellence in CSR Initiative Disclosure and Impact: Amalgamated Telecom Holdings

Annual Report Awards – Unlisted Entities

• Excellence in Presentation and Content: Investment Fiji
• Excellence in Reporting and Disclosure: Investment Fiji
• Best Management Commentary: Investment Fiji

Lifetime Achievement Award

– Mesake Nawari

Annual Report of the Year – Unlisted Entities

• Bronze: Fiji Airports
• Silver: Fiji Development Bank
• Gold: Investment Fiji

Annual Report of the Year – Listed Entities

• Bronze: Amalgamated Telecom Holdings
• Silver: Pleass Global
• Gold: Vision Investments