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Seminar Seen As Means To Rekindle Thai Investments Here

Seminar Seen As Means To Rekindle Thai Investments Here
Minister for Industry, Trade and Tourism, Faiyaz Siddiq Koya (left) with the Ambassador of the Kingdom of Thailand to the Republic of Fiji, residence in Canberra, Chirachai Punkrasin (right). Photo: DEPTFO News
September 30
10:19 2015

A Thai Trade Promotion Seminar held at the Grand Pacific Hotel in Suva was seen as the conduit to rekindle Thailand investments in Fiji.

The inaugural trade and investment mission seminar was opened by the Minister for Industry, Trade and Tourism, Faiyaz Siddiq Koya.

Mr Koya indicated that the total value of Thai investment projects recorded in the past ten years (2005 and 2015) was $3.4 million.

However, he said the total value of investments currently implemented is $2.3 million.

Mr Koya is confident there is potential to double, triple or quadruple this figure.
“Fiji is not just the perfect investment destination in the Pacific but is the ideal location for trade,” he said.

“More and more businesses are beginning to understand that Fiji is not only a market of 850,000 people, but a gateway to a market of more than 10 million across the Pacific or 47.6 million including Australia and New Zealand.”

Mr Koya assured the delegates that the Ministry of Industry, Trade and Tourism stands ready to work side-by-side with the business community in Thailand.

“We are ready to take trade and investment between our two countries to greater heights,” he said.

“Currently, trade between Fiji and Thailand is on a limited a narrow range of products, however, through such business-to-business discussions we can further improve it.”

He told delegates that opportunity for investment in Fiji exists in information technology, tourism in terms of hotel and accommodation, renewable energy and manufacturing.

Manufacturing would include food processing, light manufacturing industry including timber/ furniture, rubber plastic and steel based products, shipbuilding, vehicle manufacturing including buses, agro-processing.

Also present at the seminar were Fijian business representatives keen to explore trade and investment opportunities between the two countries.

Fiji’s diplomatic relations with Thailand has been in place for the past 42 years.

And in May, Prime Minister Voreqe Bainimarama added impetus to this relationship by becoming the first Fijian Prime Minister to make an official visit as guest of the Thai Government.

Mr Koya said: “Hence, we hope to build strategic alliance with Thailand and develop a much closer relationship, and trade, economic activity and investment are some of the key avenues to strengthen those relationships.”

He said the importance of the Fiji-Thai relationship has been reciprocated by the Deputy Prime Minister of Thailand’s visit to Fiji this month.

“Today’s trade and investment mission is evidence that we are at a cusp of reaching new level of confidence amongst Thai and Fijian businesses to explore a plethora of opportunities between our two countries,” Mr Koya said.

“The fact that today’s Seminar has been initiated by the Thai Government is a strong indication of the Thai Business Community’s confidence in the Fijian economy.”


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