Investment Fiji sets focus to be a leading IPA
Embracing on a new journey as an Investment Promotion Agency (IPA), Investment Fiji has committed itself to become one of the leading and an effective economic development agency, by ensuring increased sustainable levels of investment and exports.
While addressing the staff, Board Chair Ms. Jenny Seeto said as the organization settles into its new role, it is imperative to deliver high-impact results as an Investment and Trade promotion agency.
“The competition will be challenging but I am sure we will gain the upper advantage with the capabilities of our staff and management and show the world the vast untapped possibilities that Fiji has to offer,” mentioned Ms.Seeto.
Investment promotion and facilitation and aftercare support are the key priorities for Investment Fiji.
Other changes as per the Investment Act 2021 and Investment Fiji Act 2022, include; foreign investor(s) will need to register in line with the Companies Act 2015 and register a tax ID, the investor(s) will no longer be required to have a Foreign Investor Registration Certificate, the foreign investor(s) must within 3 months bring into Fiji the minimum $300,000, and foreign investor(s) from all sectors that are not classified reserved and restricted; will have to meet the minimum threshold of $300,000 while remaining capital to be paid within a year of registration.
Investment Fiji in collaboration with the Ministry of Commerce, Trade, Tourism and Transport organized an investment seminar for Government officials and the representatives from the private-sector organizations in the central, northern and western divisions to update the stakeholders on the new investment legislations.
During the seminar session at the Suva’s Civic Centre Auditorium yesterday, Chief Executive Officer Kamal Chetty said the agency aims to provide a positive economic impact on the lives of Fijians through creating employability and providing premium investments and export markets.
“We also seek to diversify the economy such that it is dynamic and less susceptible to global economic shocks. Hence, Investment Fiji is a key actor in the Government’s efforts to ensure a Fiji of the future where a good and sustainable quality of life is accessible to all,” highlighted Chetty.
“The fundamental aspect of any country is its ability to capture investment and trade opportunities which is central to its growth and sustainable development. It expands an economy’s productive capacity and drives job creation and income growth,” he said.
The screening that was traditionally undertaken by Investment Fiji will now be carried out by Tier 1 Government Agencies, allowing Investment Fiji to devote more time to facilitation and attracting high-quality investment.
“Our key stakeholders will continue to play a crucial role in the success of Investment Fiji’s promotion and attraction activities. Investment Fiji has developed a new marketing strategy as well as an aftercare service to existing domestic and foreign investors. Monitoring and evaluation activities will be vital for the success of Investment Fiji to assess its progress on key performance indicators (KPI),” stated the Chief Executive Officer.