Venue: Sheraton Fiji Resort & Spa
President – Fiji Commerce & Employers Federation,
Board and Management,
Chief Executive – Fiji Commerce & Employers Federation,
Top Executives – Public and Private Sectors,
Invited Guests,
Ladies and Gentlemen.
Bula Vinaka and a Very Good Evening to all of you.
It is indeed a pleasure to be here this evening to officiate at the 2018 Top Executive Conference or TOPEX.
Ladies and Gentlemen,
The Fijian Government strongly believes collaboration between the private and public sector is critical for the continued growth and sustainability of the Fijian economy.
We have said this over and over again, the private sector is the engine of growth, whilst the Government is the provider of adequate and enabling environment that allows businesses to flourish.
Hence, the theme of this year’s TOPEX of “Change and Transition, Readiness and Resistance”, is highly pertinent, as we require resilience and innovation now more than ever.
In order for transition from an economy dependent on a few sectors to a to a more knowledge-based and multi sector driven economy, we need to change. For example, there will be changes to rules and regulations to enable this transition, and there will be some resistance to change.
However, by working together we will understand each others’ issues and address any matters amicably for the long-term future of the nation.
Ladies and Gentlemen,
The need to work together, has been highlighted by the Hon. Prime Minister at the global stage, whilst presiding over COP23. Dialogue or Talanoa is vital for not only achieving global consensus on climate issues, but it is crucial for the continued sustainable growth of our domestic economy.
We strongly believe that the growth trajectory of the past 8 years can be maintained through continued partnership and discussion in an atmosphere of respect and cooperation.
Ladies and Gentlemen,
The 5-Year and 20-Year National Development Plan, which sets the vision of “Transforming Fiji” and maps out the way forward for Fiji to realise its full potential.
This forward-looking plan has socio-economic development at its core to empower every Fijian. The NDP is also aligned to the global commitments that Fiji has made in terms of sustainable development.
The Fijian business community has a very important role to play in “transform Fiji” towards a unified, prosperous, inclusive and progressive modern nation.
Ladies and Gentlemen,
The Fijian economy is on track to realise its ninth consecutive year of economic growth in 2018 – unprecedented in Fijian post-independence history. The economy, on average, has grown by more than 4 per cent in the last five years. Per capita income in 2017 stood at over $12,000, almost doubling from $6,419 in 2006. Unemployment was recorded at the lowest in 20 years of 4%. Literacy rate of 93% is an all-time high.
The economic growth is fueled by building and construction activities, tourism sector, sugar, agriculture and manufacturing, to name a few.
Ladies and Gentlemen,
In order to continue growth in a sustainable manner, the Fijian Government announced several initiatives and policies to diversify our economy. These initiatives will ensure that the economy is robust and resilient to external shocks.
One such initiative is the Wairabetia Economic Zone (WEZ). WEZ is intended to attract investment in the ICT, Audio Visual, light manufacturing, and high-end retail sectors to name a few.
The Fijian Government is putting in the initial infrastructure and investment in the Zone. The Fijian Government will continue to provide budgetary for the developments. The second stage of developments will begin in the next financial year.
In addition to the site development the Ministry is working closely with the Fiji Revenue and Customs Service (FRCS) on a new incentives package, which will be provided for businesses establishing in the Zone.
The latter phase of the WEZ project will involve negotiations on a public-private arrangement for the effective and efficient management of the Zone.
Ladies and Gentlemen,
The Ministry is working the International Finance Corporation (IFC) on reforms of the doing business processes. One project under this partnership is the review of the investment policy and the legal framework. This is to modernise our investment framework to be adaptable to the changing business environment.
The concept of the proposed new legal framework was shared with stakeholders in February 2018. The draft policy and law will be circulated by August 2018 for stakeholder comments.
Ladies and Gentlemen,
In supporting the manufacturing sector, value addition will be incentivised, in resource-based sectors such as forestry, fisheries and agriculture.
We can achieve greater growth by ensuring that the Micro, Small and Medium Enterprises are also provided with the opportunity to participate in global value chains.
Ladies and Gentlemen,
We have recently hosted the UNWTO Joint Commissions Meeting for the East Asia, Pacific and South Asia for the first time. Fiji emphasised the need for long-term sustainable growth of the tourism sector.
In this regard, diversifying in other market segments, such as Sports Tourism, Spa and Wellness, cruise and the MICE segment are vital. The Government will continue to facilitate a enabling environment for the growth and long-term sustainability of the tourism sector, through incentives and sector specific policies.
Ladies and Gentlemen,
Coming back to the theme of TOPEX, I wish to re-emphasise that partnership and dialogue are crucial for the sustainable long-term growth of the Fijian economy. I look forward to continue support from the Fiji Commerce and Employers Federation in making this partnership work.
With those words, I wish you well in your discussions and deliberations and it gives me great pleasure to officially open the 2018 Top Executive Conference.
Vinaka vakalevu. Thank you.
View PDF->Minister’s Speech – 2018 TOPEX