Investment Fiji - First Quarter 2012 Achievements
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Print this pageDate: 04 Jun, 2012
Investment Fiji has completed compiling its investment registered achievements for the first four month ending April 30, 2012.
This year (2012), the foreign investment level forecast looks favorable and promising, based on the number of project registered till date. From January to April Investment Fiji has received a total of 51 investment proposals with the value of $211.8million, supported by employment proposals of 1,623.
At this trend, we also anticipate in reaching our targeted number of projects implemented, which is 200 projects with a value of $699million by December 2012. This is an increase of 7.5% from last years (2011) actual. From the increase in the number of projects registered, we can say that foreign investors are beginning to have confidence in setting up their businesses in Fiji. This can be supported with the number of projects that have been registered to date, followed by the positive increase in trend from the past 3 years (2009 - 2011).
The innovative schemes put in place by the Government such as the Tax Free Regions which are available to newly incorporated entities established in Vanua Levu included Taveuni, Rabi, Kioa, and other northern islands together with Rotuma, Kadavu, Lomaiviti and Lau provinces, incentives offered in hotel, audio visual, agriculture, manufacturing and ICT industry, reduction in corporate tax rate to 20% have enhanced the investment drive in attracting foreign investments.
In the first quarter, Investment Fiji has also identified the top five (5) booming sectors which include Services, Tourism, Wholesale & Retail Trade, Manufacturing and Agriculture & Forestry. The new and major investors were mostly from Australia, China, New Zealand, Malaysia and India.
Investment Fiji, Chief Executive Officer, Mr. Ravuni Uluilakeba stated that,
“2012 is starting off with good pace, the first quarter saw Investment Fiji reaching its target of 51 projects received compared to 42 projects in 2011, to further enhance the service we provide to investors we are working towards the possibility to include French and Hindi language in the website which already has Japanese, Korean and Mandarin. A project team is also working with Information Communications and Technology (ITC) Services and other Government Approving Agencies towards the implementation of the On-line Payments Gateway (IPG) for application, registration, monitoring and payment of foreign investment applications on-line. The trial of this project for Tier 1 agencies should be completed by June end, afterwards the Tier 2 agencies will be included with target implementation date by late quarter 3”.
“2012 is starting off with good pace, the first quarter saw Investment Fiji reaching its target of 51 projects received compared to 42 projects in 2011, to further enhance the service we provide to investors we are working towards the possibility to include French and Hindi language in the website which already has Japanese, Korean and Mandarin. A project team is also working with Information Communications and Technology (ITC) Services and other Government Approving Agencies towards the implementation of the On-line Payments Gateway (IPG) for application, registration, monitoring and payment of foreign investment applications on-line. The trial of this project for Tier 1 agencies should be completed by June end, afterwards the Tier 2 agencies will be included with target implementation date by late quarter 3”.
In achieving the investment targets, Investment Fiji will vigorously work to create a stronger network with the following key stakeholders in order to strengthen relationships and enhancing proactive marketing/communications
- Media partners locally and overseas;
- Government Agencies - Tier 1 and Tier 2;
- Investment Fiji website linkages and timely updates by recognized website specialist in order to drive wider and higher hits through social media networking sites such as Facebook and Twitter
- Other enhanced electronic mode of communication through search engines to push for wider coverage through the Pacific, Asia, Europe and United States (US) markets;
- Overseas Trade Commissioners and Head of Mission Offices.
In addition, future plans for Investment Fiji include participation in Trade Pasifika, Investment Seminar in Fiji and Seoul, Korea in conjunction with the 2012 Yeosu Exposition, Papua New Guinea (PNG) Trade Exposition and the 2012 Prime Minister’s Exporter of the Year Award with the theme, “Celebrating 20 Years of Global Recognition”.
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