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Koya: China Is One Of Our Big Foreign Direct Investment Source Markets

Such has been the confidence of Chinese investors in the Fijian economy over the past few years, that China currently is our biggest source of foreign direct investment. This was
27 Jul 2016 13:18
Koya: China Is One Of Our Big Foreign Direct Investment Source Markets
Chinese delegates at the Inaugural Fiji-China Business Exchange Summit and Trade and Investment Seminar at the Grand Pacific Hotel in Suva. Photo: RONALD KUMAR

Such has been the confidence of Chinese investors in the Fijian economy over the past few years, that China currently is our biggest source of foreign direct investment.

This was revealed by the Minister for Industry, Trade and Tourism, Faiyaz Siddiq Koya yesterday.

Mr Koya was speaking at the Inaugural Fiji-China Business Exchange Summit and Trade and Investment Seminar at the Grand Pacific Hotel in Suva.

The seminar and the meetings over the next few days are hoped to advance growth of trade and investment, which will ultimately benefit both countries.

Participants include delegates not only from parts of China, but also from Australia, USA, Hong Kong, Macau and Singapore.

Mr Koya has therefore urged the potential Chinese investors to seize the opportunity and join the many investors who have significantly benefitted from profitable ventures.

At least 41 per cent of the total foreign investment projects, registered with Investment Fiji the past year, were Chinese projects. The first six months of this year saw 45 per cent of the total foreign investment projects registered were from China.

Mr Koya noted that most Chinese investments are in the services and wholesale retail sectors and acknowledged the increasing numbers of registration.

However, he said it was worth noting that the total value of Chinese implemented project represented only 18 per cent of the total value of all the projects implemented in Fiji.

But, Mr Koya remains confident these numbers will increase no doubt.

“The overwhelming response from the Chinese business community has shown the significant interest from Chinese entrepreneurs in investing and doing business with Fiji,” he said.

Trade flows

Mr Koya has also emphasised the need to focus on Fijian exports to China and ensure that trade flows both way, from China to Fiji and vice versa.

“In terms of bilateral economic relations we have witnessed increase in investment, trade and tourists from China,” he said.

“Imports from China have increased from $210 million in 2010 to $623 million in 2014. Fijian exports to China have increased from $5 million to $37 million in 2014, but remain comparatively low.

“Tourist numbers from China to Fiji has been increasing year-on-year. Over the past seven years there has been a tenfold increase, that is, from 4087 in 2009 to 40,174 visitors in 2015.

“Therefore, today we encourage and look forward to strengthen our relationship with China connecting business and encouraging trade between the two countries.”

Edited by: RACHNA LAL

Feedback:  kathrin.krishna@fijisun.com.fj

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