More Korean business are likely to invest in Fiji after the successful joint collaboration between the Embassy of the Republic of Korea and the fervent support of Investment Fiji held a Fiji-Korea Business Forum at the Grand Pacific Hotel in Suva yesterday.

Minister for Commerce, Trade, Tourism and Transport, Faiyaz Koya, applauded the efforts of the co-organisers – Embassy of the Republic of Korea, Ministry of Commerce, Trade, Tourism and Transport, Investment Fiji and Korea Trade Investment Promotion Agency – KOTRA, in setting this platform around a very apt theme “Building a Post COVID-10 Resilient Economy and Creating New Business Opportunities”.

The number of Korean firms doing business in Fiji is growing rapidly. Major investment sectors of interest to Korean investment include the services sector; wholesale and retail, agriculture and forestry, education and real estate.

“The pandemic has triggered economic disruptions at an escalating pace and has eroded the human capital through lost work and school hours; fragmentation of global trade and supply linkages; food security issues and looming threats of economic recession,” Mr Koya said.

“Despite the challenges, Fiji remains attractive to investors and witnesses a growing number of innovative businesses being established.”

“Over the longer horizons, to accelerate emergence from the adversities of the pandemic, joining hands to pool resources and expertise will be required.”

“Mr Koya said the Republic of Korea shared long-standing diplomatic and economic ties with Fiji since 1970.”

“In celebrating our golden anniversary last year, the Republic of Fiji and the Republic of Korea reinforced diplomatic relations and enjoyed stronger engagements than ever before,” he said.

“During our time of need, the Government of the Republic of Korea was a key partner in providing bilateral support in Fiji’s fight against COVID-19.

“Located strategically as a regional springboard in the Oceania Pacific, with strong shipping and air connectivity coupled with modern ICT infrastructure, Fiji is a logical choice for doing business.”

“The number of Korean businesses in Fiji is growing rapidly.”

Past Five Years

In the past five years, Koreans have invested a total of FJ$34,973,579 worth of projects in Fiji.

Yet there are many untapped trade and investment opportunities; for instance, Fiji’s budding industries such as ICT; manufacturing; BPO; KPO; green energy; health; maritime; and infrastructure development. Total trade between Fiji and Korea over the past five years has been FJ$165,224,328 on average.

However, in 2021, Fiji exported commodities worth approximately FJ$28million, of which FJ$24 million was cane sugar only.

Potential For More Trade

There is potential for more trade opportunities between the two economies, especially the export of Fijian niche products such as pearls, noni and noni products, manufactured food items under Fijian Made, Fijian Grown, Fijian Organic emblem, to name a few.

The Fijian Government has been progressively striving towards branding Fiji as an investment destination of choice.

Two Legislations

Therefore, many systems and processes have been re-organised and many are in the pipeline. For instance, the Investment Act 2021 and Investment Fiji Act 2022, have commenced from August 1, 2022.

These two legislations have brought around changes such as elimination of the requirement for a Foreign Investment Registration Certificate.

Ambassador of the Republic of Korea to Fiji, Young-kyu Park, said the economic ties between Fiji and Korea had continued to grow and have advanced considerably, supported by trade and investments, business exchanges and official development assistance.

Facilitate Trade

Mr Park said the forum would explore and discuss ways to facilitate trade and investment between Fiji and Korea in the post COVID-19 economy. Mr Park said the age of economic security has dawned in which the economy and security are inextricably linked.

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