Bula vinaka, very good evening to all.
It’s good to be back here in the North to meet the business community.
The past few months have been testing and difficult for all of Fiji. The COVID-19 pandemic has literally brought our economic growth to a halt. This year, we will face the largest economic contraction in Fijian history of 21.7%.
This is mainly attributed to the closing of borders that wiped out 40% of the Fijian GDP – the tourism industry.
In order to keep Fijians going in this difficult time, your Government announced a $2 billion stimulus budget. This included reduced of taxes and import tariffs. Concessional Loan for MSMEs, employment support, support those who had lost their jobs or were on reduced pay or hours, to name a few.
We have noted that people of Labasa have managed to weather through this pandemic. This is because the town does not depend on tourism. There are a few things the business community in other parts of Fiji can learn from you all.
This evening we want to hear from you what yours plans are and to share with you the various reforms implemented to improve doing business. I must add that your feedback, experiences, encounters and challenges, will provide us with insight to better facilitate your needs.
Over the recent months, the Fijian Government has implemented pivotal reforms in the area of doing business. The 2020-2021 National Budget, reaffirms our commitment to steering Fiji towards economic recovery through incentives such as: eliminating business licensing, introducing tax cuts targeted at businesses and households, across-the-board reductions in customs tariffs and streamlining of processes.
It is also noted that the present approach, is a move towards becoming a facilitator and removing unnecessary regulatory requirements. At the same, we are making businesses more responsible and aware of the respective legislations and important procedures.
I want to highlight some of the key reforms:
Starting a Business
- Online registration of company and business name registration.
- Online tax registration and payment.
- Elimination of business licensing from 1 August 2020.
- Starting a business requires only 2 processes – (i) registration of business name with Registrar of Companies (ROC) and (ii) registration for Tax Identification Number (TIN). A simple process of risk categorisation (high risk and low risk) will determine whether you require to undertake all procedures before you begin operating or can start operations immediately.
- Full details are available on bizfiji portal (bizfiji.com) and officials are here, who can provide the relevant information.
Obtaining Construction Permits
- Under the Regulation of Building Permits Act 2017, a Building Permits Evaluation Committee has been established, since 30 March 2020. This Committee provides a fast-track parallel application process for commercial and industrial building permit application.
- The applicant may apply to the Committee by completing the harmonized form and payment of $500 application fees.
Investment related legislative changes
- we are on the verge of finalising a new investment law, that will establish an open, transparent and simplified framework, which incorporates international best practices when terms of dealing with investors.
- This Act will allow Investment Fiji to convert itself into a fully-fledged investment promotion agency, providing facilitation to all entrepreneurs as well as promoting Fiji as an investment destination abroad.
bizFIJI Portal – bizfiji.com
- This website was launched in 2019, and is a one-stop website for anyone aspiring to do business in Fiji. It provides the user a single platform of concise and relevant information to facilitate applications, with user- friendly navigation.
- It also enables one to download the required application forms, the necessary submission requirements (Service Catalogue/Checklist), the relevant agencies involved, contact information of respective approval agencies, link to e-services and legislations and resources documents.
- This website is simple, easy to understand with inforgraphics and available 24/7. It aims to save time and provide a better experience for the user.
We are developing an online system for application and approvals with regards to building permits and business license, and the continued modernisation of other “doing-business” procedures.
This will provide both the applicant and the approval agency platform to submit application, endorse application, receive and provide comments and track applications respectively.
The Chamber of Commerce play a critical role in connecting business communities to the rest of Fiji as well as the international arena.
For instance, the Fiji Chamber of Commerce have made enormous contributions towards re-engineering the Fijian economy, post COVID-19. The key role is eminent in successful partnering with Government in the assessing of the MSME concessional loans.
By way of update on the MSME concessional loan, we have processed approximately up to 90% of applications out of which $28 million has been approved. To date, we have approved $5million for the northern division and will be visiting a few of them tomorrow.
Not only has this but, through continued liaison with the Government, the Chamber continued to create links with international counterparts. Last year, the Macau- Fiji Chamber of Commerce was launched, also FCCI in partnership with my Ministry, have hosted a number of trade and investment seminars.
Therefore, I encourage the Labasa Chamber of Commerce, to quickly and successfully complete your administrative procedures and align yourselves to the Fiji Chamber of Commerce.
This will open up quite a number of opportunities for your members, leading to growth and development of MSME’s, Joint Ventures with foreign partners, or even increase in foreign and domestic investments in the north. In addition, your members will also be able to participate in the capacity building programmes, technical assistance etc.
Let me assure you all, that your Government will continue to do whatever it takes to enable business continuity now and in the future. We remain within reach to assist you.
Please share your experiences, comments and suggestions with us. This will allow us to gather first hand experiences and implement related reforms.
Also, the team is present here tonight to listen to your challenges and note any problems you may have. We will take note and try to find the best possible solutions.
On this note, I now call upon Hon. Attorney General and Minister for Economy, and Communications to address us.