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$380k From Investment Fiji Remitted Back To Government Coffers

Investment Fiji yesterday handed a cheque of a little over $380,536 to the Ministry of Finance received from Foreign Investment Registration Certificate approvals. The amount was received in terms of
17 Sep 2014 07:53
$380k From Investment Fiji Remitted Back To Government Coffers
Taniela Tamanivalu after the mangrove planting initiative to celebrate Vodafone’s 25 years in Suva on July 3,2019. Photo: Vodafone Fiji

Investment Fiji yesterday handed a cheque of a little over $380,536 to the Ministry of Finance received from Foreign Investment Registration Certificate approvals.

The amount was received in terms of application fees from January to July this year with a revenue growth of around 3.5 per cent when compared to the same period last year.

Investment Fiji executive chairman, Truman Bradley, said the value of these applications are now being remitted back into the government’s accounts which was in line with their new budget allocation.

“As endorsed by Investment Fiji Board in July, Investment Fiji envisages improving both the registration and implementation of foreign projects,” he said.

“The key focus of Investment Fiji will include the review of the Reserved and Restricted activities in consultation with major stakeholders.”

A timely move

Permanent Secretary for Finance, Filimone Waqabaca, whilst receiving the cheque, said this was a timely move given the preparations for the 2015 National Budget underway.

He said an agreement had been made that they would increase Investment Fiji’s funding through the 2014 Budget.

“But we expected them to pass on some revenue collected to the consolidated government account,” he said.

He said Investment Fiji had showed to them that they had stuck to your word.

“In that you will continue to collect your revenue collection through refining of your processes and reforms you have undertaken to make Fiji a place to invest in,” he said.

Mr Waqabaca said the amount received was almost 50 per cent of the increased amount given to Investment Fiji in the last budget.

The amount was increased by $0.75 million from $1.25 million in 2013 to $2 million in 2014.

Mr Waqabaca added government continues to support Investment Fiji because of the critical role it plays in terms of enticing investment locally and attracting investors from abroad.

Foreign investment proposals

Investment Fiji received 152 Foreign Investment project proposals during the period of January to July this year valued at $1.3 billion with expected employment of 4921. When compared to last year’s performance, the number of foreign projects received a growth of six per cent, Mr Bradley said.

The key sectors in which foreign investment projects are received are focused in services, tourism, manufacturing, wholesale & retail and agriculture.

Mr Bradley assured Investment Fiji is on track to attract foreign direct investment as previously budgeted.

“Investment Fiji continues to contribute towards Fiji’s economic prosperity by taking the lead role in attracting foreign direct investment,” he said.

“We will continue to show our country’s strengths in promoting the priority sectors that the Fijian Government so rightly decided to provide lucrative incentives to invest in and creating significant driver for our development.”

Feedback:  rachnal@fijisun.com.fj

 




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