Business

Our foreign investment levels on track

By RACHNA LAL Investor interest in Fiji is increasing, Investment Fiji confirmed yesterday. It received a total of 110 foreign investment proposals with a value of $700.44 million from January
30 Oct 2012 12:38

By RACHNA LAL

Investor interest in Fiji is increasing, Investment Fiji confirmed yesterday. It received a total of 110 foreign investment proposals with a value of $700.44 million from January to September this year.
Of these, Investment Fiji has registered 103 investment proposals with a value of $308.4m supported by employment figures of 2171.
Last year, 97 investment proposals had been received for the same period.
This has been confirmed by Investment Fiji chief executive, Ravuni Uluilakeba, in a press conference yesterday.
Investors have at least 12 months from when they are issued with the Foreign Investment Registration Certificate to implement the projects.
Mr Uluilakeba said the value of total projects implemented when compared to 2011 had also increased by 115 per cent and was 21 per cent above the target.
As the Investment Fiji team works towards providing investor-friendly service to capture more investment, Mr Uluilakeba said : “The positive result is through the stringent action on the site visits and monitoring.”
And while Australia is still basically number one in terms of investment, Mr Uluilakeba indicated other countries such as China, Korea and India were catching up fast showing great interest to invest in Fiji.
“Though Australia is number one, but when you look at USA, the records showed USA coming in strong as well,” he said.
“So the indicators are not strong only in the Asian market but also major economies such as USA and other countries.”

Booming sectors
Booming sectors identified by Investment Fiji included electricity, gas & water supply, real estate, agriculture & forestry, tourism and other sectors which include service, wholesale & retail trade, transportation, fishing and manufacturing.

Trade mission benefits
The opening up of two new missions in Korea and United Arab Emirates (UAE) this year has also bode well for the country.
Mr Uluilakeba revealed so far 10 companies had come into the country from Korea and UAE looking for investment.
Also, the missions have opened the market for local companied to start exporting to these countries.
“To promote Fiji as an investment destination, Investment Fiji is working closely with the trade office abroad and also conducting trade and investment seminars to better market Fiji,” Mr Uluilakeba said.

Qatar tax agreement
Investment Fiji deputy chairman, Jitoko Tikolevu confirmed Government was now working with relevant authorities in Qatar to sign a double taxation agreement between the two countries.
The deal, to be signed by the end of the year, is expected to increase trade between the two countries.
Investment Fiji’s future plans include investment seminars, trade mission to Papua New Guinea and participating at the 5th China YIWU International Forest Fair from November 1 to 4.




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