Parliamentary Vice Minister for Foreign Affairs of Japan Hon Mr. Norihiro Nakayama;
Ambassador of Japan to Fiji H.E. Mr. Masahiro Omura;
Ambassador of Fiji to Japan H.E Mr. Isikeli Mataitoga;
Distinguished Members of Japanese Delegation and of Fijian Private Sector;
Ladies and Gentlemen.
Bula Vinaka, Konichi-wa and a very good evening to you all.
On behalf of the Hon. Minister for Industry, Trade and Tourism and the Fijian Government I extend a warm welcome to you all.
A special welcome to you, Hon. Norihiro Nakayama, Vice Minister for Foreign Affairs and your esteemed delegation, to Fiji. For many of you this may be your first visit to Fiji, and I sincerely hope that you will find some time to also enjoy our famous Fijian hospitality amidst your busy schedule.
Excellencies, Ladies and Gentlemen,
The year 2020 marks the 50th Anniversary of the establishment of diplomatic relationship between Japan and Republic of Fiji. Coincidently, 2020 is also the 50th Anniversary of Fiji’s independence. Our bilateral relationship is as long-standing as our nationhood.
Japan has been a close friend of Fiji since our independence. This Trade and Investment Mission will be the 2nd such mission in the last 2 years. This is evidence of the shared interest and commitment to strengthen our economic and trade relations.
Thus, it is opportune that we gather and meet here today and be able to network and share ideas on further collaboration in the areas of trade, investment and business.
We have a good mix of representatives from the Fijian business community to cater for the interest of the Japanese delegation, in Construction, Engineering, Infrastructure, Tourism, Environment and Oceans. I look forward to the Japanese and Fijian counterparts having fruitful informal discussions today, before tomorrow’s formal Seminar and Business-to-Business meetings.
Tomorrow’s Trade and Investment Seminar will further highlight business opportunities, policies, incentives, and success stories – the outcomes of which should provide you with a clear pathway on how you can realise and fulfill your trade and investment aspirations in Fiji.
Excellencies, Ladies and Gentlemen,
According to the UNCTAD World Investment Report 2019, Japanese multinational enterprises are the largest investors in the world, despite a decline in outward FDI of 11% to USD143 billion in 2018.
It is worth noting that Japanese investments in Fiji, in the past 5 years has been up to $4.5 million, which represents only 0.0032% of total Japanese investments in a year.
Japanese investments in the past have focused on sectors like manufacturing, services, tourism and fisheries. We would like to see this continue, and new sectors like energy, environment recycling, ICT and infrastructure development be explored.
Speaking as the Chair of Fiji Ports Corporation Ltd., we will welcome Japanese ingenuity, knowhow and strategic partnership in Shipbuilding and Repairs and investments into Fiji Ships and Heavy Industries Ltd.
Ladies and Gentlemen,
In addition, Japan’s total trade with the rest of the world in 2018, was approximately $1.56 trillion, whilst trade with the Pacific was around $9.32 billion, which represents only 1% of Japan’s total trade. Fiji represents only 0.02% of Japan’s total trade with the world or 3% of trade with the Pacific.
These statistics are only as important as a signal to give you an indication of the vast untapped trade and investment opportunities and potential that exists between Fiji and Japan. There are a number of sectors that Japan is yet to explore in Fiji in terms of trade and investment.
Ladies and Gentlemen,
Fiji has maintained its decade-long economic growth and is currently on its way towards becoming the best business friendly nation in the region. And we are staking our claim of being the “hub of Pacific” in terms of trade, transportation, logistics and tourism.
Investing in Fiji, gives an investor, access to over 10 million consumers within the Pacific market and another 29.4 million in Australia and New Zealand.
Total investments in the past decade have contributed on average 21.5% to the Fijian GDP for the past 5 years. This is an indication that there is continued confidence of foreign and domestic investors in Fiji.
Ladies and Gentlemen,
Simply said, Fiji is open for business and in order capitalise on the opportunities, we are undertaking significant reforms in terms of investment and doing business. Through reforms, including better use of technology, tax incentives, duty exemption and tax-free zones, the confidence in the Fijian economy is being maintained.
In the next month we will finalise a new investment law, that will establish an open, transparent and simplified framework, which incorporates international best practices when terms of dealing with investors.
We have made information available for investors on a single online portal, www.bizfiji.com. You will find considerable amount of information, links to online services, along with service catalogues and application forms, which will make it easier for you to start a business in Fiji.
Ladies and Gentlemen,
In addition to portal, 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.
There are a number of targeted investment incentives that exists, including a creation of Special Economic Zones. The Special Economic Zone will provide “plug and play” facilities, tailor-made incentives for investors in ICT, green technology, services, logistics, high-end retail, green manufacturing, to name a few.
While maintaining policy and infrastructure reforms, we have also invested heavily in developing a competitive workforce – through unprecedented investments in education. With the forward-looking and pro-growth policies and reforms of the Fijian Government, Fiji is an ideal destination for all your investments and business aspirations.
Excellencies, Ladies and Gentlemen,
The Japanese delegation comprises of representatives from tourism, environment, health, disaster management, agriculture, infrastructure, construction sectors. These sectors are in line with the Fijian Government’s vision of key priority sectors for growth of the economy and building a modern, knowledge-based society.
I encourage you all to make the most of your visit to Fiji and be appraised of the all our investment related information and opportunities.
With these few words, I invite you to enjoy the evening and wish you a productive session tomorrow.
Vinaka, Arigato-gosaimasta and Thank you.