SUNBIZ

Koya: Manufacturing Zones Near Our Ports To Boost Investment

Government’s initiative for the creation of business and manufacturing zones in close proximity to our ports and airports is expected to boost investment into the country. Minister for Industry, Trade
30 Jun 2016 12:03
Koya: Manufacturing Zones Near Our Ports To Boost Investment
Investment

Government’s initiative for the creation of business and manufacturing zones in close proximity to our ports and airports is expected to boost investment into the country.

Minister for Industry, Trade and Tourism, Faiyaz Siddiq Koya, highlighted this to a group of potential investors from New Zealand who will be  in the country this week.

Referring to the announcement by the Minister for Finance, Aiyaz Sayed-Khaiyum in the 2016-2017 Budget, Mr Koya said this initiative would make Fiji a more attractive business and investment destination.

“These zones will provide special incentives to investors and with a ‘plug and play’ set-up concept,” he said.

Around 30 New Zealand business people converged at the Tanoa Plaza Hotel Suva yesterday attending the 2016 Path to Market Programme workshop.

They are here to explore investment opportunities as well as looking at markets for exports into New Zealand.

 

Bilateral relations

Mr Koya highlighted the Fiji-New Zealand bilateral relation over the years had been strengthened through trade and investment.

He said in terms of trade, in 2015, New Zealand contributed to 14 per cent of total imports to Fiji while exports to New Zealand accounted for approximately six per cent of total exports.

“Furthermore, since 2011, a total of 186 projects with a proposed investment value of $260.31 million from New Zealand have been registered. I am sure these numbers will increase no doubt,” he said.

He urged the delegation to seize this opportunity and join the many investors who had significantly benefitted from profitable ventures and in turn had also contributed to the Fijian economy.

Mr Koya said Fiji provided a vast range of opportunities to investors in the manufacturing and the services sectors, such as banking, insurance and tourism.

New Zealand High Commissioner, Mark Ramsden, said in terms of the volume of trade, New Zealand exported more to Fiji than it did to Mexico or Sri Lanka who are rather large countries.

“Fiji is our largest export market for the Pacific.

“So it is a really important one,” he assured.

 

Business with Fiji

Mr Koya said New Zealand, like Australia, was becoming increasingly a service-oriented economy.

Hence, he said, the manufacturing sector is being moved offshore in order for New Zealand firms to optimise their production processes.

Mr Koya said the bottom line was that New Zealand and Fiji were natural trading partners and we must work together to reach the full potential of our relationship.

 

Edited by: RACHNA LAL

Feedback:  filipe.naigulevu@fijisun.com.fj

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