Charge D’affaires, Australian High Commission, John Williams,

Australia-Fiji Business Council President, Allison Haworth-West,

Fiji-Australia Business Council President, Warwick Pleass,

Governor Reserve Bank of Fiji, Ariff Ali,

Respective CEOs,

Invited Guests,

Members of the Media,

Ladies and Gentleman,

Bula Vinaka and a very good evening to you all. It’s a pleasure to join you this evening.

Each year, we have these meetings of the Fiji-Australia Business Council or the Australia-Fiji Business Council. We have seen partnership strengthen over the years.

The Business Council, as an active and well-connected body, has facilitated business introductions, for members doing business in Australia for the first time. With over 120 companies as members, this Forum has become the perfect space for any business engaged in bilateral trade to obtain support and guidance in their business ventures.

The Fijian and Australian Governments through the “Vuvale Partnership” have created the Government-to-Government collaboration, which set the foundation for business, trade and economic links.

Ladies and Gentlemen,

The past 2 years have actually reset everything that we had done. It not only devastated the Fijian and Australian economies, but it allowed us the policy makers to revisit our strategies. Refocus our efforts. Re-energise ourselves. It enabled businesses to reinvent themselves and find new ways of doing business.

Everyone, whether the public or private sector, became very aware of the fact that we cannot be complacent. Diversification is critical not only for maintaining strong economic growth but also to keep businesses afloat in the face of adversity.

The Fijian Government paved the most direct possible road out of the pandemic and we are definitely confident and proud of where it has led and where it is taking us. We managed to keep the bones of our economy strong enough to support a recovery, so when the borders opened, Fiji and Fijians were ready.

In the 2022-2023 financial year budget, we have continued investment in infrastructure, such as roads, water, and telecommunications. Education, wide reaching and quality health care and agriculture support are key strategies of the budget.

This is supported by reform policies that will make business and investment easier than ever in Fiji, and the low and sustained corporate tax regime. With effect from 2023, 10 percent reduced rate of Corporate Tax available to companies listed on the South Pacific Stock Exchange will only be available for 7 years. Whilst normal corporate tax will be 20 percent. Which is still amongst the lowest in the region.

Ladies and Gentlemen,

In terms of tourism recovery, visitor numbers from January to July 2022 indicate that we have already recovered over half (56.4%) of the visitors Fiji received in the same period in 2019. Our national airline, Fiji Airways, is holding approximately 8 percent higher bookings from August and going forward for the 12 months.

There is a changing paradigm in the tourism industry and we need to wholeheartedly welcome this transformation. We are also looking at new markets. Soon, Fiji Airways will start direct flights to Vancouver.

From January to July, we have received 163,466 Australians. In July alone, we received a record 37,005 – a 101% recovery of 2019 numbers – and the highest number of Aussies in a month on record.

Ladies and Gentlemen,

Australia remains one of Fiji’s major sources of foreign investment (FDI), with FDI valued at approximately AUD1.47billion in 2019/20 – mainly focused on tourism, the financial sector and manufacturing.

Australia is Fiji’s second largest trade partner with over 3,000 Australian companies currently doing business in Fiji. Through our Trade Commission office in Australia we have helped facilitate over 35 investment projects valued at FJD60 million and facilitated over FJD63 million worth of Fijian exports to Australia over the last 12 months.

This also includes new market access for Fijian goods such as kava – where over 30 tonnes, worth over FJD3 million, have been exported to Australia since the commercial pilot started in December last year. You will now see Fiji kava products, such as powders and tablets, in the mainstream retail market in Australia, including retailers such as Chemist Warehouse and in over 300 Coles stores nationwide.

Australia and Fiji share a strong and lasting bilateral relationship, evident through our ‘Vuvale’ Partnership – reflecting the depth and warmth of the relationship. The Partnership is broad-ranging and comprehensive and builds on the already strong foundations of the Fiji-Australia relationship – but as the theme of this forum suggests, this engagement is now entering a ‘new paradigm’ – and paves the way for greater trade, economic and business-to-business links between both countries.

This shows Fiji’s ongoing economic recovery and development will be inextricably linked to that of its key trading partners such as Australia, both in terms of trade and investment as well as tourism numbers.

Indeed, our two nations have never been closer, and it’s also never been a better or easier time to do business in Fiji. Our new bizFiji portal is a one-stop shop for entrepreneurs and investors and simplifies the process for starting a business in Fiji and taps into the various opportunities and incentives available for investors.

Growing international demand for near-shore outsourcing services presents opportunities in Fiji as the regional outsourcing hub. Fiji’s renowned culture of hospitality and resourcefulness, combined with its strategic location as the Hub and world class internet connectivity, means that it is well positioned to deliver exceptional value for clients.

Our best resource is our dynamic human capital. Fiji has a young, multicultural, vibrant and well-educated workforce – with 70 percent of our population under the age of 40 and a literacy rate of 96 percent.
The recent 2022/23 budget provides numerous regulatory changes, low and competitive tax regime, and attractive tax incentive packages across a number of sectors, with a focus on economic diversification, making Fiji a more viable environment for doing business.
There are various duty exemptions and tax holidays available for investments in:
● commercial agriculture & agro-processing,
● recycling
● renewable energy & electric vehicle stations
● new projects relating to construction of hospitals, hotels, government building and residential housing as well as
● infrastructure that supports the ICT/BPO sector, such as contact and data centres

Ladies and Gentlemen,

The Fijian Government is committed to improve the quality and efficiency of service delivery through reforms, including better connectivity and accessibility to technology. We have invested in infrastructure that will enable services to reach Fijians faster, taking services closer to the people.

Despite the turn of events and the degree of challenges our region is facing amidst the pandemic, we are keeping up our pace to continue the vital reforms. The Fijian Government will maintain measures and policy interventions to ensure that the Fijian economy remains buoyant.

Your presence here today, also signals your commitment to fight against the perils of this outbreak and continue to look at advanced business through innovative means.

In closing, I look forward to the many exciting initiatives and successful partnerships emerging from this event.

I wish you all a pleasant evening. Vinaka vakalevu and thank you.