Hon Deputy PM – Professor Biman Prasad
FCEF President – Mr Vinay Narsey
CEOs, Business delegates and invited guests
Bula Vinaka and Good Morning to you all
I would like to thank FCEF for organising this event as it’s important to keep the momentum going following last week’s National Economic Summit (Summit).
I am sure my fellow Deputy PM will agree that it was not a talk fest and indeed there is a sense of optimism ahead.
We need to continue to build on that positive energy and propel it into actions. We have heard and listened to everyone, now is the time to act upon it.
Ladies and Gentlemen,
There were 14 resolutions from the Summit and I will just focus on a few of them.
It was quite clear at the Summit that the majority, in most working groups, called for good governance, accountability and improving the ease of doing business.
These are key components for having a conducive business environment and a thriving private sector. The Fiji Government wants you, the private sector, to lead the economic growth. We will remove the bureaucracy and impediments to growth to provide a supporting environment to the private sector.
We have seen the positive outlook that was presented by the Ministry of Finance and also the Governor of the Reserve Bank of Fiji. The economy is expected to grow by 6% this year and a further 3.8% in 2024. Experts say that we will hit our pre-pandemic tourism numbers this year.
It was presented that lending to the private sector is on the rise by 6% and non-performing loans are declining. These are all positive indicators and the private sector must capitalise on the opportunities before them.
We want to create an innovative society, one where we have a diversified economic base. We need to harness our natural talent and resources to its optimal use. We need to ensure that we remain sustainable going forward.
KEY FOCUS/TAKEAWAYS FROM 2023 NES
Ladies and Gentleman
Our MSMEs community have been quite vocal and have raised numerous challenges they are facing. Some of the issues are relevant and requires Government intervention whilst some issues do not.
Some of these areas include regulatory processes, access to finance and accessing to information.
Ease of Doing Business
Ladies and Gentlemen, basically, one of the pain points for the businesses is the business environment.
The cumbersome, repetitive documentation requirements become such a hassle for a business intended to do what they do best – do business.
So what is the Fiji Government Doing about it?
1. bizFIJI Information Portal – a one – stop shop portal has been developed for businesses to have direct and easy access to information on starting a business, construction permits, paying taxes, to name a few, on one digital platform. It provides links to key Government e-services and is regularly updated;

2. With this in mind, bizFIJI is being developed to integrate key agencies processes into one portal called ‘Integrated Licensing and Permits Approvals System’. We have commenced the work to digitalise the processes for agencies involved in Starting the Business and Obtaining Construction Permits functions and we are looking at rolling our 25 digital services.
The Project Team is currently working to integrate 8 ‘starting a business’ e-services such as business registration, TIN, FNPF, OHS, NFA to name a few;

3. Furthermore, the establishment of the Investment Facilitation Committee, which I Chair. There are so many bottlenecks and agencies working in silos. Investment Fiji and the Ministry has received so many complaints that can be easily fixed. Therefore, in this forum, we bring Ministers and key executives that handle regulatory approvals for business. We bring them to discuss and deliberate issues and find the utmost best solutions to solve them, for Fiji to grow and diversify the economy.

ICT Reforms/Sector
Ladies and Gentleman
Digital connectivity and transformation are high on the Technology and ICT priorities with several initiatives already underway to address the multi-faceted challenges to bridge the digital divide.
Currently, 95% of Fijians have access to a 3G, 4G or 4G+ network and 240 unconnected sites have been gazetted by way of Legal Notice 88 of 2022 to be connected. It is worthwhile to note that Fiji has the lowest cost of mobile data in the Oceania region and fourth cheapest in the world where 10GB of mobile data costs $1.50 USD. Globally, only Israel, Italy and San Marino are ahead of Fiji where 10GB of mobile data costs $0.40, $1.20, and $1.40 USD respectively. That means, the cost of doing business digitally is low.
This is one of the reasons we have been able to attract international companies to Fiji through the outsourcing industry.
To strengthen the legislative framework, Parliament enacted the Cybercrime Act 2021 which has specific penalties for computer related crimes. In conjunction with the Australian Government, we have commenced the study of the National Computer Emergency Response Team (CERT) review of the 2015 National Cybersecurity Strategy.
In our efforts to build resiliency and redundancy in the connectivity infrastructure, we are undertaking a feasibility study to set up a second cable landing station which will provide domestic and regional redundancy in connectivity. This will also sustain our digitalisation efforts.
However, we are happy to hear your continuous feedback and work together to create more impact.
MSME and Resource Owners Development
Ladies and Gentleman
I urge the medium level and larger companies to work closely with our MSMEs and Resource owners. We have heard stories directly from MSMEs how larger companies are not paying them on time. As you know, “cash is king” and even more so for our MSMEs who survive on cash on a daily basis and dont have buffers or cash reserves to keep operating.
Do not discard our MSMEs as they play a significant role in our economy. Whether they are formal or informal, they make up a huge chunk of our economy.
Therefore, I urge you to partner and strengthen your relationship with MSMEs in your respective supply and value chains. You will be surprised to see the innovation and abundance of resources that is out there.
One concern we often hear from Larger companies is the lack of constant supply from MSMEs. But once you establish a good working relationship with these small businesses, you will be able to strengthen your supply chain and meet your orders.
A few companies/manufacturers have been able to find that balance. Crest Chicken and BAT have used similar modalities to partner with small holder farmers to provide them with the necessary guidance and handholding to elevate them.
We have seen this as well in new areas such as Nama (Sea Grapes), ginger and goat milk. We are working with foreign companies on developing some niche products. We have an abundance of resources and need to move towards commercial agriculture in a sustainable way.
If anyone here wishes to link up with the rural communities or resource owners, please feel free to see me or the Ministry. We have a list of co-operatives and MSMEs that we have supported and need access to market linkages. They could play an essential part of your diversification plans.
Ladies and Gentlemen
Our creative industry is another emerging space that we need to properly develop with the proper regulatory framework. Whether it is strengthening our Intellectual Property laws or the music legislations to protect our local artists, this is an area that needs to be further explored for economic diversification. Not forgetting our talented visual artists in the areas of photography and video production who should be linked to international films shot in Fiji.
WHATS NEXT?
This now brings me to the next and I guess the most interesting part – “Whats Next”.
Ladies and Gentlemen, the 2023 NES provided a platform for dialogue that was sorely needed and the Government has listened intently. Now it’s time for action.
As I have mentioned work has already started on some of the improvements needed. From business processes to improving access to information.
We will continue to work closely with the private sector. I am sure we can expect some changes to be announced in the National Budget.
Other changes needed may require legislative changes and will take a bit of time.
That being said, we will continue to listen and we are looking to take collaboration to a new level under the Coalition Government.
Vinaka Vakalevu