H.E Young-kyu Park, Ambassador of the Republic of Korea in Fiji, H.E. Young;
Mr In Yong Rhee, President – Head of Corporate Relations, Samsung Electronics Co.;
Mr Jaegeol Lim, Trade Commissioner, KOTRA (Korea Trade Investment Promotion Agency;
Esteemed Presenters and Panelists;
Ladies and Gentlemen.
Bula Vinaka and a very good afternoon to you all.
It is with absolute pleasure that I welcome you all to the Fiji-Korea Business Forum 2022. The in-person setting today is a welcomed change compared to the global standstill we were becoming so accustomed to.
On the same note, I applaud the efforts of the Co-organisers – Embassy of the Republic of Korea, Ministry of Commerce, Trade, Tourism & Transport, Investment Fiji and Korea Trade Investment Promotion Agency – KOTRA, in setting this platform around a very apt theme “Building a Post COVID-10 Resilient Economy and Creating New Business Opportunities”, this Forum has been organised in joint collaboration between the and the Embassy of the Republic of Korea; with the fervent support of Investment Fiji.
The pandemic has triggered economic disruptions at an escalating pace. The erosion of human capital through lost work and school hours; fragmentation of global trade and supply linkages; food security issues and looming threats of economic recession.
Despite the challenges, Fiji remains attractive to investors and witnesses a growing number of innovative businesses being established.
Over the longer horizons, to accelerate emergence from the adversities of the pandemic, joining hands to pool resources and expertise will be required.
Ladies and Gentlemen,
The Republic of Korea shared long-standing diplomatic and economic ties with Fiji since 1970. In celebrating our golden anniversary last year, the Republic of Fiji and the Republic of Korea reinforced diplomatic relations and enjoyed stronger engagements than ever before.
During our time of need, the Government of the Republic of Korea was a key partner in providing bilateral support in Fiji’s fight against COVID-19. Please allow me to express my heartfelt gratitude to the Korean Government and its representatives for the continuous camaraderie.
Ladies and Gentlemen,
Located strategically as a regional springboard in the Oceania Pacific, with strong shipping and air connectivity coupled with modern ICT infrastructure, Fiji is a logical choice for doing business. Endowed with fertile land; forestry; minerals; fresh water; and aquatic reserves, Fiji is a cornucopia of natural resources.
Currently, the number of Korean firms doing business in Fiji is growing rapidly. Major investment sectors of interest to Korean investment include the Services sector; Wholesale & Retail, Agriculture & Forestry, Education and Real Estate.
In the past 5 years, Koreans have invested a total of FJ$34,973,579 worth of projects in Fiji.
Yet there are many untapped trade and investment opportunities; for instance, Fiji’s budding industries such as ICT; manufacturing; BPO; KPO; green energy; health; maritime; and infrastructure development.
Total trade between Fiji and Korea over the past five years has been FJ$165,224,328 on average. However, in 2021, Fiji exported commodities worth approximately FJ$28 million, of which FJ$24 million was cane sugar only. There is potential for more trade opportunities between the two economies, especially the export of Fijian niche products such as pearls, noni and noni products, manufactured food items under “Fijian Made”, “Fijian Grown”, “Fijian Organic” emblem, to name a few.
Ladies and Gentlemen,
The Fijian Government has been progressively striving towards branding Fiji as an investment destination of choice. Therefore, many systems and processes have been re-organised and many are in the pipeline.
For instance, the Investment Act 2021 and Investment Fiji Act 2022, have commenced from 1 August 2022. These two legislations have brought around changes such as elimination of the requirement for a Foreign Investment Registration Certificate as well as according to national treatment for foreign investors.
The streamlined process now only requires an investor to legally register their business with the Registrar of Companies, in line with the Companies Act 2015 and register for a tax number. More good news: the registration can be done completely online. More of this information is available on our business portal- www.bizfiji.com
Moreover, in the event that your business requires recruitment of expatriates for specialised skills and experience, the Skilled Professionals Evaluation Committee can provide a fast track process for work permits within a timeframe of 28 days.
These transformations have been recognised by International Watchdogs and commended; for instance, the World Bank Group’s recent survey identified that by just removing the business license, businesses have saved at least $3.5 million in direct cost savings, which is in addition to the time saved.
Ladies and Gentlemen,
These reinvigorated approaches are user-friendly. The Investment related legislative changes have allowed our National Investment and Trade Promotion Agency, Investment Fiji, to shed their regulatory role and evolve towards becoming a complete IPA. That is, they have scaled up and now provide investor facilitation, support, aftercare and policy advocacy, allowing investors to adjust to the investment environment.
The speakers today will expound further on these revised procedures that have been put in place to make Fiji more conducive for investment and businesses. I encourage the audience to seek clarity during the sessions when needed for an impactful engagement. The Forum is purely an exercise to allow Business-to-Business and Business-to-Government dialogue for you all.
With these few words, I wish you all a productive Fiji – Korea Business Forum 2022.
Vinaka Vakalevu, Kamsahamnida and thank you very much.