SUNBIZ

Foreign Investors Want To Partner With Locals: Seeto

"Investment Fiji has taken the lead in its transitional role to bring about changes outlined in its new governing Act"
27 Jun 2022 17:21
Foreign Investors Want To Partner With Locals: Seeto
Attendees at the Fiji Institute of Accountants annual general meeting and 50th anniversary celebration at the Sofitel Fiji Resort And Spa, in Nadi on June 25, 2022 . Photo: DEPTFO News

“Investment Fiji has taken the lead in its transitional role to bring about changes outlined in its new governing Act,” chair-person Jenny Seeto said.

Under the new Act, foreign investors do not have to invest in Fiji to get a foreign investment registration certificate, she said.

Speaking at the Fiji Institute of Accountants annual general meeting and 50th anniversary celebration in Nadi, she said the Investment Act, which comes into effect on August 1 meant foreign investors would be treated like their domestic counterparts.

It will also allow Investment Fiji to focus on investment and trade promotion, and provide aftercare services.

 

The Act would focus on increasing the success of foreign businesses globally, and match high impact capital with Fijian businesses and investment opportunities, Mrs Seeto said.

“We have a number of investors at the moment from Fiji, who we are trying to match with overseas investors,” she said.

Mrs Seeto said foreign investors have since learnt that a quick way to succeed was to partner with lo- cal investors.

Fiji was abound with opportunities that needed courage to be developed into worthy investments, she said.

“We look at what sectors we are going to invest in.”

 

Transitioning into an investment promotion agency would mean a stronger brand, with a more proactive focus on competitive sectors, she said.

Investment Fiji could now free up staff to provide improved investment facilitation services, as a result of the new Act.

Aftercare services involved helping investors move projects along that were otherwise stuck, Mrs Seeto said.

“We have large investors; we’re talking 10s of millions and hundreds of millions of dollars for some of these projects,” Mrs Seeto said.

 

Trade Mission

Investment Fiji will lead a trade mission to Australia straight after the National Budget is delivered.

The delegation, which will include the Reserve Bank of Fiji Governor, Ariff Ali, will head out after the Budget is delivered on July 15.

“We just took a stab in the dark as to when the Budget would come out,” Mrs Seeto, said.

“We had to do a mission straight after the Budget, because we’ve had a lot of inquiries from overseas, Australia, New Zealand, as to what incentives are available.

 

About 30 businesses will join the delegation.

“It’s not meant to be a holiday; it’s a tight schedule,” Mrs Seeto said.

“We were going to Sydney, Brisbane, and the the trade office in Australia, where some meetings have been planned for some investors.”

Digitalisation will always be a journey because of fast changing technological advances,” Mrs Seeto said.

 

“The pandemic has resulted in reviews of business models and the delivery we must do to survive,” she said.

“We must find solutions to our sudden loss of skilled labour that’s been very topical in the private sector.”

“The brain drain will continue, and up skilling of our people is obviously imperative.”

She called for easier access for skilled labour to enter Fiji to fill the gaps, a matter that the Immigration authority was considering.

 

Feedback: frederica.elbourne@fijisun.com.fj



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