News Item

Friendly Policies And People Make Fiji An Attractive Destination

News 26 Sep 2018

The continued investment in infrastructure, education and training of our workforce have implications not only for the attractiveness of Fiji as location to investors, but also for the quality of inward investment. Being the ‘Hub of the Pacific,’ Fiji is also a strategic trans-shipment and re-export centre for cargo traded between the Pacific Island States.

Trade Agreements for access

Fiji is signatory to various trade agree­ments, which allow for preferred market access and provides a conducive investment climate and opportunities with other coun­tries.

The Fijian Trade Policy Framework pro­vides greater support to manufacturers of all industries by way of securing market access, value added promotion, trade facili­tation, trade promotion and capacity build­ing.

Manufacturing is a major sector in the economy contributing 12.7 per cent of GDP and providing employment for 20 per cent of the country’s workforce.

Given Fiji’s clean environment and virgin soils, potential investment opportunities ex­ist in organic and natural food production, niche manufacturing (paper products, jew­ellery, furniture, automotive) and assembly for greater Pacific region including Austral­ia and New Zealand.

Make it in Fiji

Garment manufacturers for instance, use the close proximity and connectivity to Australia and New Zealand to manufacture products at high quality and flexible runs in a just in time manner.

The Textile, Clothing and Footwear (TCF) Council “Make it in Fiji’ awareness cam­paign committed to sustained excellence through a process of improvement to all aspects of business operations such as qual­ity, social accountability and flexibility pro­motes Fiji as a low volume niche manufac­turer.This has resulted in factories securing new buyers who want the flexibility of be­ing able to place small orders on a regular basis and have a closer source of supply.

Raising the Profile

The “Fijian Made and Buy Fijian Cam­paign” initiated by the Fijian Government to promote and raise the profile of Fijian made products and produce, both domesti­cally and internationally through a national branding strategy focuses on manufactured items, such as food (animal and vegetable products), clothing and items such as furni­ture and handicrafts.

Small and Medium enterprises have an advantage of producing lucrative niche products in areas such as pharmaceuticals, garments, food products, coconut virgin oil or noni juice.

Over the next five years, further improve­ments will be made to support business ac­tivity.

Economic Zone coming

The Government is developing Wairabetia Economic Zone in the Western Division of­fering ‘Plug and Play’ concept with tailor made incentives to attract investments in the services and manufacturing industries and encourage Foreign Direct Investment (FDI) in a number of new industries.

Fiji offers a market friendly business en­vironment, sound macroeconomic policies, tax free zones, low inflation, a relatively stable foreign exchange rate and modern commercial contract laws, 20per cent corpo­rate tax and a lower rate of 10per cent for companies listed on the South Pacific Stock Exchange.

Our national airline, Fiji Airways provides excellent service connectivity across Fiji, the Pacific, New Zealand, Australia, Singa­pore, Japan, the USA and Hong Kong.

Sustained growth

Over the last eight years, Fiji has had a strong and sustained economic growth. In 2017, Fiji had an estimated growth rate of 4.2per cent and unemployment rate falling to 4.5 per cent.

With 69 per cent of the Fiji’s total popula­tion being under 40 years, and a high lit­eracy rate of 96 per cent the economic and social potential of Fiji’s population is high.

The continued investment in infrastruc­ture, education and training of our work­force have implications not only for the at­tractiveness of Fiji as location to investors, but also for the quality of inward invest­ment. Increased government spending on infrastructure and education, coupled with robust private sector sentiment, will sup­port ongoing improvements in the capital stock and potential growth.

Significant opportunities

Fiji offers significant investment opportu­nities across a number of sectors, facilitated by stable political and fiscal environment, continuous enhancement of infrastructure, growth of the tourism industry, advantages of a young population, a first class English-speaking workforce, natural flair of ser­vices, conducive business environment and low entry costs. As the Facilitation arm of the Fijian Government, Investment Fiji pro­vides services and assistance to promote, and stimulate investments and exports.

Source: Fiji Sun