Mayor of Liverpool City Council, Councillor Ned Mannoun,
President of NSW Fiji Business Council, Mohammed Shameem,
Investment Fiji Chair, Ms Jenny Seeto,
Investment Fiji CEO, Mr Kamal Chetty,
Fijian Trade Commissioner to Australia and New Zealand, Mr Daniel Stow,
Ladies and Gentlemen,
Bula Vinaka, and a very Good Evening to you all.
It is a pleasure to be here this evening, with friends of Fiji – who have interest in investing in and trading with Fiji.
This is the first event hosted in Australia by Investment Fiji since the reopening of our borders. And despite the challenges brought about by COVID-19 in the past two years, our business environment is resilient as ever because of the strong foundations we have established.
Ladies and Gentlemen,
Fiji has managed to put the worst economic crisis in our history behind us. We are blazing ahead in recovery. This has only been possible through the foresight and decisive leadership of our honourable Prime Minister.
His commitment to ensuring that Fijians affected by the pandemic were given a helping hand in their darkest days. Fiji saw its largest economic decline in history and it was not our doing. Small island nations, such as Fiji, are vulnerable to external shocks – such as the pandemic and the Russia-Ukraine war.
However, the Fijian Government has yet again delivered on its promise with new strategies to support Fijians affected by inflation. The 2022-2023 budget announced just last Friday, rests on the pillars of infrastructure, education and health, and the long term policies for improving the investor and business climate.
Ladies and Gentlemen,
As existing and aspiring investors, you all are always interested in the foundational elements conducting business, that is, infrastructure, connectivity, education and health systems. Through Government investments in infrastructure, we create opportunities by enabling accessibility and connectivity to markets. When we spend on education, we produce an excellent workforce that can help your businesses grow. When we spend on health, we create confidence and surety for foreigners to come and live in Fiji.
Simply, the Fijian Government creates a stable, consistent and inclusive economic environment for doing business.
Ladies and Gentlemen,
The Fijian economy is projected to grow by 12.4 percent. This, I must say, is a conservative projection and will be the highest rate of growth in the Fijian history. This growth will be led by the tourism and ICT/BPO sectors and strongly supported by new and emerging industries.
Hence, the business community has a big role to play. Investments are critical to maintain the growth. To make this process simple and easy for investors, we have undertaken several reforms, which include:
(a) elimination of procedures such as requirement for business licences and requirement for getting and paying for stamp duty whilst registering properties; and
(b) streamlining processes by reducing the number of days required to complete the approval processes or increasing the number of years of validity for licences such as liquor or hotel.
One of the main strategies for 2022-2023 financial year is the centralised management system for the digital platform for two key processes, namely (a) Starting a Business and (b) obtaining construction permit.
This reform project is aimed to better reflect the modern reality as well as implementation of streamlined and cost effective business processes.
Ladies and Gentlemen,
Australian investors remain one of the largest investors in Fiji, which makes Australia an important partner for Fiji.
To sustain additional investment and trade opportunities from Australia, it has been paramount to plan a business mission targeting potential Australian multinational companies.
Australian entities and individuals over the years have shown great confidence in Fiji’s economy and were significant global investors, with the total value of outward investment from Australia close to AU$3.3 trillion in 2021.
Ladies and Gentlemen,
In 2021, investors from Australia had registered 34 projects valued at FJ$26.4 million in Fiji in sectors such as tourism, real estate, services, transport, storage, communication, and construction.
Investment Fiji, through this targeted investment promotion, will aim to increase the share of investments out of Australia to Fiji.
Ladies and Gentlemen,
Given Australia is Fiji’s second largest export market as currently gold, ready-made garments, sweet biscuits and taro make up the export bundle — opportunities exist to grow Fiji’s export share in these categories.
Ladies and Gentlemen,
Fiji has exported FJ$249 million worth of merchandise to Australia in 2021, as our country’s exports were 13 percent above what was achieved in 2020 which was FJ $221 million.
This is one of the key reasons why it was important to bring this 30-member Fijian mission composed of private companies to further enhance Fiji’s investment and trade opportunities.
Ladies and Gentlemen,
I would also like to extend my appreciation to the Fiji Consulate General and Trade Commission, Pacific Trade Invest Australia (PTI) and the Australia Fiji Business Council (AFBC), for hosting us at the Investment and Trade Mission in Brisbane and Sydney.
As mentioned earlier, the Investment and Trade Mission to Australia is a much-needed boost for business relations between Fiji and Australia post-pandemic.
Fiji is still recovering from the impact of the pandemic – and at the same time adapting to the new and changing business environment.
Our business to business engagement will no doubt produce mutually beneficial results for Fiji and Australia.
Ladies and Gentlemen,
Our presence here today, illuminates a strong partnership and commitment towards re-defining our relations. Boundless opportunities lie ahead, as numerous initiatives continue to evolve around us.
Events as such introduces us to a new business landscape that has been reshaped by the pandemic and allows us to venture forward in building a resilient and invigorating relationship between our countries.
With these few words, I wish you all a lovely evening and I look forward to seeing you all in Fiji, in the near future.
Vinaka Vakalevu and Thank you.