FTIB optimistic on 25pc investment level

October 23, 2009 07:38:33 AM

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The economy may be slow but the Fiji Islands Trade and Investment Bureau remains upbeat on national efforts to raise overall investment level to around 25 percent of Gross Domestic Product. 

The Bureau is primarily the first contact point for foreign investors that either express interest or intend to invest in Fiji. 

FTIB chief executive officer Annie Rogers told Fiji Live there is hope that Fiji would be ready to absorb investment interests once the global economic winter thaws out.

“If anything, it is a little tough right now to achieve that (25 percent of GDP) but I think the fact that we were 28 percent of GDP in the past, around the 1980s, gives us the push.  We achieved it once so hopefully we can do it again,” Rogers said. 

“We are now around 15 percent of GDP so we have come down a fair bit. But we’re optimistic given the global recession turnaround which is hopefully going to start into next year, trading partners are hopefully going to be looking up as well.

“And we hope the spinoffs from that will flow through to Fiji. But despite the global recession now, I feel we’re not doing too badly,” she added. 

Overseas investors wishing to set up big projects here have been weak, Rogers said, but some activities are taking place. 

“We still do have interest coming in. You know about Mindpearl, which is bringing in a lot in foreign exchange as well as big time on employment, we still have activities in our tourism sector as well, not as much as past years, but again that’s due to the global recession but we’re not doing too badly.”

FTIB statistics on foreign investment interest in Fiji show a weakening trend.

Compared to the 441 project proposals registered with it in 2006, FTIB only received 245 proposals last year.

Out of the proposals in 2006, 205 projects valued at $268.7 million were implemented.

Of the proposals received last year, only 50, with a total value of $36.5 million, were implemented.