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The Fiji Islands Trade Investment Bureau (FTIB) says there are several challenges it faces in a bid to attract investment to the country.
Addressing delegates at the Fiji Australia Business Council (FABC) meeting yesterday at the Radisson Resort Fiji Denarau Island, FTIB CEO Annie Rogers said the challenges were many and varied.
“These include political instability, land issues/concerns, investment approval delays, the lack of proper infrastructure and depressed investor confidence,” she said.
“Other challenges are the Brain-Drain, the large current account deficit which is putting pressure on our balance of payments and structural impediments in several sectors which lead to lower production.”
Rogers said there were also several challenges in trade between Fiji and Australia.
“These include Australia’s strict quarantine regulations and our agri-exporters must work to meet these,” she added.
“Fiji needs to address issue of quality & supply consistency, in the garments sector – SPARTECA, Textile Clothing Footwear, the Minimum Local Area Content (MLAC) is too high at 35 per cent, there’s also the significant slowdown in Australia’s GDP growth, a strong Fiji dollar and travel bans placed by the Australian Government on Fiji interim Government officials and their appointees”
Rogers said despite depressed global scenario, inquiries and expressions of interest with FTIB from potential investors remained positive.
She said there were opportunities in several sectors of the Fiji economy.
“Potential sectors for growth include: ICT – for Call Centers, back-office operations, computer assembling plants; in Agro-Processing: Ginger, coconut cream, soap manufacture; in the Dairy sector: Local production of butter & powdered milk, in Manufacturing: Processed fruits & vegetables, furniture manufacturing, handicrafts; Tourism: Health tourism, integrated resort development including residential villas,” Rogers said.
“In the Resource-Based Industry: Fisheries - Fresh fish exports; semi processing; seaweed, pearl, crab & prawn farming; Forestry – Furniture manufacturing, Commercial agriculture, hydroponics.
“In Bio-Fuels there’s Sugar/Molasses, Cassava and Coconut Oil to exploit.
“Interest has also been expressed in the following (of late): Cement Production, Grass (and others) to Energy Conversion Projects, Waste-Electricity Conversion Projects, Low Cost Housing Project/Low Cost Building Material Project, Ethanol Projects and Boat building.”
Rogers said there was a way forward in order to realise Fiji’s investment potential.
“These strategies include strengthened dialogue with private sector/awareness, well targeted/planned seminars/missions etc., locally and abroad, to ‘match-make’ trade partnerships, improved focus on outcomes of these missions, stronger alliance link with sectors/organisations for missions (e.g. TCF, Austrade, etc), an FTIB presence in the North, a One Stop Shop or ‘Go-between’ role and Ongoing reviews of investment financial thresholds.”
