DEPUTY PM AND MINISTER FOR TRADE, CO-OPERATIVES, SMEs & COMMUNICATIONS HON. MANOA KAMIKAMICA'S ADDRESS AT THE WORLD INVESTMENT FORUM: SUMMIT ROUNDTABLE-SMALL ISLAND DEVELOPING STATES & INVESTMENT GUARANTEES

Excellencies,
Ladies and Gentlemen,

Political stability, economic diversification, skilled workforce, attractive investment opportunities and tax incentives are some of the key success factors investors seek to make a sound business decision – and as the center of trade in the South Pacific, there has never been a better time to invest in Fiji!
 
As a hub for transportation routes, more than 1.2 million international passengers and over 450 thousand domestic passengers pass through Fiji’s airports annually, served by 20 airlines connecting us to 14 overseas locations daily, including Australia, New Zealand and the USA.
 
As the economic, trade and transport hub of the Pacific we serve as the region’s bridge to the world and offer duty concessions, investment allowance, tax exemption and tax-free region as incentives towards trade and investment.
 
Excellencies,
In addition to this, Fiji has several ports located on the main islands of Viti Levu and Vanua Levu and other smaller islands – connecting Suva and Lautoka on Viti Levu, and Savusavu and Labasa on Vanua Levu.
 
A range of domestic and international shipping companies, including Fiji Shipping Corporation, Maersk Line and Swire Shipping serve these ports.
 
Fiji also has two international airports, Nadi International Airport in the western region of Viti Levu and Nausori International Airport near the capital city of Suva -- both airports are served by several international airlines, including Fiji Airways, Air New Zealand and Virgin Australia amongst others.
 
Excellencies,
Direct Services to and from Asia, Australia, New Zealand, USA, Singapore, Hong Kong, Tuvalu, Hawaii, Kiribati, Canada, Japan, Samoa and Tonga – makes Fiji a choice destination for investment.
 
Our nation also boasts state of the art ICT infrastructure with fibre optic connectivity and the availability of a 4G broadband cellular network, enabling businesses to operate in a global market – and the Fiji Government has implemented various incentives and policies to create a favourable investment environment for local and foreign investors.
 
We have a fixed corporate tax of 25 percent furthermore, for businesses listed on the South Pacific Stock Exchange, the tax rate drops to 15 percent. There are several lucrative tax incentives, tax-free zones and low import duties, all of which make Fiji a viable business environment.
 
Fiji has a young, multicultural, vibrant, and well-educated workforce. With 46 percent of our population under the age of 25, a good English-speaking labour force and a literacy rate of 99 percent, Fiji’s human capital is a very strong asset!
 
Excellencies,
Guided by Investment Fiji’s Strategic Plan, our nation's priority sectors for attracting FDI are Tourism, Manufacturing, Health Sector, Food & Agriculture and Outsourcing. Our vibrant tourism industry contributes significantly to Fiji’s economy and is the country’s largest foreign exchange earner, contributing around 38 percent to Fiji’s Gross Domestic Product (GDP) and 36.5 percent to total employment in 2022.
 
Last year, 636,312 visitors spent an average of FJ$ 271 (US$120) per day, excluding accommodation. There are 421 licensed accommodation providers and 13,000 rooms available in Fiji.
 
Post pandemic, the country has seen a tremendous recovery where the demand for tourism is progressively superseding 2019 levels. In the short to medium term, an additional 4,000 rooms are required to meet growing demand. There are also Tourism Specific Opportunities for investors to profit from.
 
For example, there is strong market demand for higher-end accommodation such as upscale boutiques and eco-friendly resorts, as well as transit hotels/convenient hotels in the Nadi airport area, close to key tourism experiences and major ports – such as Denarau.

Additionally, whilst Fiji has shown its capacity to attract international chains, there is still a need to encourage more accommodation properties with state-of-the-art conference facilities to cater for the increased MICE market. Opportunities for sports infrastructure and facilities with nearby accommodation services also remain in prospect.
 
In addition, market demand can easily enable educational travel organisations to develop educational packages and trips.
 
Activities such as hiking, trail walks, snorkeling and diving are becoming increasingly popular among travelers and there is also a need to invest in tourist attractions such as culture, heritage and entertainment.
 
For example, museums, cultural centers, bars and nightclubs serve as anchor attractions in highly dense tourism areas such as Nadi.
 
Fiji offers opportunities in niche areas and operations such as medical tourism. Dental services that are currently expensive in neighboring developed countries such as Australia and New Zealand could be an area for investors to gain leverage off here in Fiji.
 
Excellencies,
Investment in high end retail shopping is also an opportunity for investors as this focuses on the development and enhancement of Fiji Made products to ensure an immersive visitor experience. In terms of the Manufacturing Sector, Fiji provides access to a wide range of natural resources including timber, sugarcane, fish and minerals such as gold and silver.
 
This sector includes textiles, garments, footwear, sugar, tobacco, food processing, beverages (including mineral water) and wood-based industries. As for the priority subsectors, Fiji is focusing heavily on clothing, footwear, as well as other apparel and accessories.
 
We offer a ‘near source’, cost effective alternative to Australia and New Zealand production and is also on a similar time zone to both countries.
 
There are opportunities for creating premium products for niche markets as well as manufacturing of organic certified products, including coconut and fruit products and nutraceuticals which are in high demand from overseas markets.
 
Fiji is signatory to various trade agreements which allows for better market access and provides a conducive investment climate and opportunities with other countries. There is also increasing business need for warehousing and storage facilities.
 
The Food and Agriculture sector is also an industry that the Fiji Government strongly believes could provide avenues for our investors to invest in. Fiji has a tropical climate with abundant rainfall and warm temperature throughout the year, providing ideal conditions for a wide range of crops and livestock.
 
Our key focus in the agriculture sector include cropping (including Kava), fisheries, breweries, and distilleries.
 
Hotels and resorts in Fiji’s main tourism areas, when at maximum capacity, spend approximately $74.4 million on procurement of fresh produce yearly.
 
Fiji’s dairy production averages from 11-18 million litres annually compared to domestic demand of 80 million litres.

The country imported FJ$50.8 million of rice in 2022 to meet domestic consumption.
 
Fiji also has the capacity to produce an average of 3,000 tonnes of fresh/ chilled beef and imports an average of 2,600 of fresh/chilled beef annually.
 
In the space of Organic Produce Exports there are opportunities of cultivation of a variety of vegetables primarily eggplant, okra, taro leaves, cabbage, bean, pumpkin, tomato, capsicum, and amaranthus.
 
Pawpaw, pineapple, and banana are considered as the major fruit commodities in Fiji.
 
Potential development projects within the sector include organised systems of producing, processing, and marketing crops, livestock, and aquaculture products.
 
Excellencies,
Fiji’s Outsourcing sector, has expanded significantly over the past decade and contributed about A$160 million per annum to Fiji’s economy and this is expected to triple in the next three years. With growing opportunities in this sector, Fiji will employ an estimated 25,000 outsourcing employees by 2025. Knowledge process outsourcing (KPO), infrastructure technology outsourcing (ITO), and BPO are the main areas in which Investment Fiji prioritises its efforts and resources.
 
Fiji has multiple advantages that put the country at the forefront for Outsourcing investments. Finding the right talent fit is an easy task - the workforce is fluent in English, with a neutral accent and well educated. We have world class infrastructure, with cutting-edge communications infrastructure including a high-speed network offering 5.4Tbps, modern office buildings and outsourcing-ready offices and major Business Park investments planned.
 
Fiji also provides a supportive ecosystem, such as a developed government support structure for international companies looking to set up and access to a number of incentives that make it easy to set up in the country.
 
And finally, Fiji’s health care provides extensive tax exemptions which are offered for businesses to set up private hospitals and ancillary pathology and radiology laboratories.
 
Pharmaceutical preparations, medicinal and botanical, and dental services are potential investment opportunities within Fiji’s health sector.
 
Also, the Fiji Government has implemented tax incentives to encourage investment in these sectors. This includes tax holidays, tax-free zones and lower import duties.
 
Excellencies,
These are some of the areas in which Fiji has a competitive advantage where our investors could truly gain to make exciting business ventures. I can assure you the Fiji Government is committed to working with our investors in creating a nation where investment is used to drive sustainable and inclusive economic growth.
 
In closing, I look forward to joining the conversation and discussions here today. Vinaka Vakalevu and Thank you.