Mr Bainimarama made the announcement at a gala dinner marking the one-year anniversary of Fiji's historic win at last year's Olympic Games in Rio.
He said Fiji has been known as one of the finest exponents of running sevens rugby for decades and had become a dominant force on the international stage.
However, he bemoaned the fact the country didn't currently have a major international Sevens event placing them properly on the world stage.
"We do not have a major Sevens event that befits our position as Olympic Men's Rugby 7s Champions," Mr Bainimarama said.
