Excellencies,

Ladies and Gentlemen,

 

Bula vinaka and a very good morning to you all.

 

It is a great pleasure to be here today sharing the range of activities undertaken by the Fiji Government to foster investments for sustainable development.

 

Excellencies,

 

At the leading edge, the Fiji Government is prioritising economic recovery by reestablishing and sustaining the confidence of our investors.

 

The Fiji Government through our Investment Promotion Agency, Investment Fiji has vigorously engaged initiatives to bolster investor confidence. These include, the implementation of an Online portal called businessNOW FIJI, designed to enhance the ‘ease of doing business’ in Fiji.

 

Furthermore, we are also enhancing our infrastructure, including airports, wharfs, and roads – all which are vital pillars of a robust economy.

 

Excellencies,

 

Fiji boasts strengths across various sectors, complementing the dominant tourism industry — these sectors encompass agriculture, business process outsourcing, and manufacturing to name a few. Above all, the diversification of Fiji’s economic foundation stands as an integral component — keeping in existence a sustainable economy for our Nation.

 

Investment Fiji facilitates sustainable development across multiple industries while actively promoting the creation of environmentally-friendly job opportunities in sectors including tourism, food and agriculture, manufacturing and mining. Comprehensive measures have been instituted to address sustainability in diverse industries, including the food and agriculture sector as measures to promote sustainable agricultural practices and protect our coastal regions.

 

Excellencies,

 

As Fiji’s Investment Promotion Agency, Investment Fiji has pivoted its approach to a role whereby the agency has now become more involved in attracting Sustainable Foreign Direct Investments (FDI).

 

As experienced during the peak of COVID-19, Fiji’s high exposure to the Tourism Industry has once again reminded us to diversify our economic Base. As 40 percent of Fiji’s GDP were contributed by tourism earnings, one can imagine the Impact of COVID-19, with borders and hotels closed.

 

With an effort to diversify the economy, attractive Tax Incentives have also been devised by the Fiji Government to attract sustainable investments in particular sectors such as business process outsourcing, manufacturing and commercial agriculture — we also have zero duty on all solar products being imported into Fiji.

 

Additionally, these incentives are present to attract businesses that can increase Fiji’s import substitution – and for that reason Investments in commercial agriculture and manufacturing can greatly benefit Fiji by enhancing import substitution, which in turn can improve Fiji’s Balance of Payments.

 

The Fiji Government has taken various approaches to stimulate International Investments in energy transition.

 

This includes the Fiji Cabinet having passed a cabinet paper to review Fiji’s Energy Act (TBC).

 

Promoting incentives and opportunities in renewable energy infrastructure development as well as providing Tax incentive on Electric Vehicle Charging Stations.

 

Excellencies,

 

Please allow me to highlight four registered projects in the Energy sector.

 

The first being, Hydro Fiji Pte Ltd, a company that intends to set up a hydro system in the Namosi Highlands to generate power that will be supplied through Fiji’s sole energy providers’ grid, commonly known as the Energy Fiji Limited.

 

Secondly, Zekitek, another company which is interested in setting up Electric Vehicle (EV) charging stations around the country and investing in renewable power generation.

 

Excellencies, the third is Hydro Taveuni, which intends to set up a hydro system on the island of Taveuni that can supply electricity to the whole island.

 

And last but not the least, HDF Energy, a company which intends to become a producer, developer and owner of hydrogen-power becoming the largest renewable energy project proposed in the Pacific Region.

 

Excellencies,

 

Our commitment remains steadfast in our ongoing efforts to enhance the investment climate in Fiji.

 

We firmly believe that investment plays a pivotal role in fostering economic growth and overall development. With unwavering confidence in our strategies, we are confident to create an environment that is increasingly appealing to investors, advancing Fiji towards the realisation of its economic aspirations.

 

Vinaka Vakalevu and Thank You.