Mr Rino Tirikatene MP, Parliamentary Under-Secretary for Trade and Export Growth;
H.E. Filimone Waqabaca, Fiji High Commissioner to New Zealand;
Mr Chandar Sen, President of the New Zealand-Fiji Business Council;
Mr David Dewar, New Zealand Trade Commissioner to the Pacific;
Officials of the Fiji Trade Commission to New Zealand, New Zealand-Fiji Business Council and New Zealand Trade and Enterprise;
Ladies and Gentlemen,
Bula Vinaka and a very good afternoon to you all from Fiji.
Given the current COVID-19 situation in New Zealand, I am unable to be there in person. But it is a pleasure connecting with you all virtually for today’s Trade Recovery webinar.
Ladies and Gentlemen,
The world was already becoming complex and uncertain even before the pandemic. But COVID-19 has accentuated these complexities and accelerated structural shifts. While these shifts presented significant challenges for the Fijian economy, it also offered us new opportunities.
Today’s event provides a valuable platform to discuss important responses to global disruptions and build strategies to not only recover, but emerge stronger.
Ladies and Gentlemen,
Despite the tremendous challenges our nations have undergone, the political, economic and cultural ties between Fiji and New Zealand remain stronger than ever.
The establishment of our Trade Commission in Auckland four years ago, and New Zealand’s appointment of a Trade Commissioner for the Pacific (who is based in Suva) demonstrates the interest and commitment of our governments to enhance bilateral trade and investment relations between our two countries.
New Zealand has remained one of Fiji’s largest trading partners. Our pre-pandemic level of exports to New Zealand was worth $162 million, with top exports comprising fresh produce, pharmaceutical products and garments. And New Zealand investment projected implemented in Fiji in 2019, were worth $129 million. I am certain that as the situation in New Zealand eases and our people are reconnected, our trade and investment relations will further strengthen and surpass the pre-pandemic levels.
Ladies and Gentlemen,
An effective health response has enabled us to secure a sustainable foundation for our economic recovery. Thanks to our key partners like New Zealand – around 94% of our eligible adult population is fully vaccinated. And we have rolled out booster jabs and started vaccinating children between 12-17 years of age.
This has presented the best route towards fewer restrictions, recommencement of business operation with COVID-Safe protocols, and the return of international tourists to our shores.
In addition to vaccination, a nationwide adherence to COVID-Safe Protocols by Fijians has ensured that Fiji was able to successfully contain the spread of the virus and reopen its international borders.
With the opening of our borders in December last year, Fiji has since received 50,742 visitors (December to February). This growth is foundational upon visitor arrivals from Australia and the United States.
Ladies and Gentlemen,
Pre-pandemic, New Zealand was Fiji’s second largest tourist market and one of the fastest growing sources of international visitor arrivals, with over 205,998 Kiwis visiting Fiji in 2019.
The resumption of quarantine-free travel between New Zealand and Fiji will not only have a significant impact on our tourism sector, but will also drive investment into other sectors including BPO, Manufacturing, Infrastructure development, Agriculture and Renewable Energy.
With our domestic COVID-19 situation remaining stable, we will progressively ease our travel protocols even further, over the course of the year.
Ladies and Gentlemen,
COVID-19 has highlighted the importance of having resilient supply chains, which is now a priority for businesses and countries. In pursuit of efficiency and creating robust supply chains, businesses have had to re-evaluate and diversify operations to reduce over-reliance on a single source of supply.
Similarly, there is a growing demand for near-shoring of outsourcing services, making Fiji a “nearshoring mecca” because of our close proximity to the New Zealand and Australian market. This was made possible through the right business environment, incentives, cost factor advantage and resources available in Fiji for BPO companies to operate out of.
Ladies and Gentlemen,
A sharp decline in economic activities due to COVID-19 pandemic had presented us with opportunities to rethink and re-align strategies.
The 2021/22 budget provided numerous regulatory changes, low and competitive tax regime, and introduction of attractive tax incentive packages across a number of sectors, with a focus on economic diversification, making Fiji a more viable environment for doing business.
As the Fijian economy emerges from the COVID-19 pandemic and sets its sight ahead, we have started to prepare for the accelerated digital transformation, with increasing familiarity and preference for e-commerce and virtual experiences.
There are major incentives for investment in ICT enabling infrastructure and services, such as ICT cable landing and associated infrastructure, accredited training institutions and ICT start-ups and a 200% tax deduction on the development or upgrade of online shopping websites with integrated payment platforms.
With the announcement of the revised 2021-2022 budget tomorrow, following widespread consultations, the Fijian government aims to provide the necessary tools required to further support economic stimulus.
Ladies and Gentlemen,
Indeed, there has never been a more opportune time to take advantage of the numerous business opportunities in Fiji.
Fiji sits in the heart of the Pacific, with strong shipping and air connectivity coupled with modern ICT infrastructure, makes Fiji a logical choice for doing business.
We have set the stage. We are providing the best incentives and business environment. We need Kiwi businesses and investors to see Fiji as their first choice for doing business. And we stand ready to facilitate and ensure that you will have a smooth transition into Fiji’s commerce.
The pandemic has been a test of our people’s resilience, but I have no doubt that our shared values, our trade links, our social connections and our shared passion towards sports, particularly rugby, will lead our nations to come out stronger, recover faster and build back better.
With these few words I would like to thank you for the opportunity and look forward to discussing enhanced levels of cooperation with you all. I look forward to seeing you all in Fiji.
Vinaka Vakalevu and thank you very much.