Location: Grand Pacific Hotel
Australian High Commissioner, H.E. John Feakes,
Investment Fiji Board Chair, Jenny Seeto,
Investment Fiji Chief Executive Officer, Craig Strong,
World Bank Group Representative, Henry Sandy,
Distinguished participants;
Members of the media;
Bula Vinaka and Good Morning to you all.
I extend a warm welcome to you all, as we gather here this morning to participate in Investment Fiji’s Strategic Planning Workshop.
The objective of today’s workshop is to provide participants a backdrop for development of a refreshed strategic plan, focusing on the “Discovery Phase”.
Ladies and Gentlemen,
The Fijian Government has set the path for the creation of sustainable economy. An economy, which is able to accommodate a dynamic private sector, facilitate capital and new technology, support diversification of new sectors and activities, which feed into the global value chain.
To achieve this, the 5-Year and 20-Year National Development Plan has set target to maintain total investments at 25 percent of the GDP. Investments must be support largely by private sector investments to over 15 percent of the GDP by 2036.
Ladies and Gentlemen,
It is no secret that the Fijian economy has faced significant challenges, due to the COVID-19 pandemic. The almost a decade of investment growth was brought literately to a halt. However, we are not letting this hamper the determination we have, in terms of making Fiji the ideal investment destination.
In fact, in this period we are continuing reforms that promote Fiji as a competitive and preferred investment destination.
Ladies and Gentlemen,
The Ministry of Commerce, Trade, Tourism and Transport is leading these reforms, which include legislative reviews, streamlining of systems and processes, and digitalisation of approval systems and processes. With the digilatisation project, the desired goal is to create such platform where by applicants will be able to access, make applications and receive approvals through e-platforms.
The Ministry in conjunction with the International Finance Corporation/World Bank Group continues to put in place policy and regulatory framework to meet the market demands.
To bring today’s workshop into context, we need to reflect on where we have come thus far.
The reform journey began in 2017, with an Investment Reform Map (IRM). The IRM highlighted the areas of strength, gaps and weakness in the existing legal and policy framework for foreign investment, and identifies reform action plan. In 2019, we established Fiji’s first Investment Policy Statement, which outlines our development vision – diversify towards knowledge-intensive sectors. This requires that the resources are channeled towards attracting the right kind of investment and investors.
Therefore, one key outcome of the reform map is having a comprehensive Investment Act that provides rights, protection and obligations to both domestic and foreign investors. The Investment Bill has been tabled before Parliament in December, last year.
Ladies and Gentlemen,
The IRM also identified the need to clearly define roles of the investment promotion agency and the regulatory agencies.
The role of Investment Fiji is that of an investment promotion agency. They cannot continue on the current path, where they play the role of a facilitator, a regulator, a police and a border protector. And that why the Investment Bill has made a major proposal to remove the Foreign Investor Registration Certificate.
As the reform kicks in Investment Fiji will focus on the core competency of attracting the right investments and investors that will enable diversification and achievement of our development goals. Their resources need to be utilised in a manner that achieves the maximum benefits for the nation as a whole.
Essentially, like other successful Investment Promotion Agencies, Investment Fiji must proactively pursue desirable investors and multinationals that will bring benefits to Fiji and Fijians.
Ladies and Gentlemen,
Whilst Investment Fiji’s new role will focus on attracting foreign direct investments, they will also focus on investment generation (including targeting), investor facilitation, investor aftercare, export – promotion and policy advocacy. This essentially means, Investment Fiji will now focus on three key components, Investment Matching, Investor Services and Trade Development, which will result from attracting “efficiency-seeking” investors.
This will enable them to derive new focus towards market discovery, capacity building, identify and connect customer with capital and connecting investors with key industry associations to name a few.
Ladies and Gentlemen,
The Workshop toward is a culmination of the reform journey. It is new beginnings for Investment Fiji. Therefore, it is important to re-strategise and re-plan. Essentially, as the Minister responsible for investment and trade, I want this Workshop to carry on the vision of the Government. This outcomes of the Workshop should set the roadmap with clear goals and deliverables.
Your valuable contributions will enable Investment Fiji and the Ministry to make the changes more effective
Last but certainly not the least, I thank Board Chair, Jenny Seeto, Chief Executive Officer Craig Strong and the Investment Fiji team for organising this workshop.
With these remarks, I declare the Strategic Planning Workshop open and wish you all fruitful deliberations ahead.
Vinaka vakalevu and thank you.