Presentation on theme: "Winning FDI Through Effective Investment Facilitation December 2-4, 2010 - Sydney, Australia 0 Mr. Ravunivadra Uluilakeba – Chief Executive Officer Fiji."— Presentation transcript:
Winning FDI Through Effective Investment Facilitation December 2-4, Sydney, Australia 0 Mr. Ravunivadra Uluilakeba – Chief Executive Officer Fiji Islands Trade & Investment Bureau Why Good Facilitation Matters
Overview of Fiji; economic & financial fundamentals Role & Functions of the Fiji Islands Trade & Investment Bureau (FTIB) FTIB’s Policy FTIB’s IPI Performance Results Strategies – Effective Facilitation How Effective Facilitation contributes to the economy Why Facilitate investment projects Way Forward Presentation Outline
Fiji is an archipelago of around 330 islands in the South Pacific approx. 2,700 kms East of Australia British Crown Colony (October 1970 – Independence) Fiji’s population at 827,900 (Census 2007) : 57% Indigenous Fijians, 38% Indo-Fijians; and 5% Chinese, Pacific Islanders and foreign residents. The business language is English. Middle income country - US$3,343.7 per capita income in 2008 Main sectors of the Fiji economy/sources of foreign exchange: Tourism; Textiles, Clothing & Footwear; Agriculture, Forestry & Fisheries; Mineral water. Main trading partners are Australia, NZ, the US, Japan and the Eurozone Well educated workforce - Literacy rate of 93.7% Overview of Fiji
Fiji’s Exports to Major Markets Source: Fiji Islands Bureau of Statistics 2009 Currency peg : F$1.00 = USD (5 July 2010) Overview of Fiji…. cont’d
Role & Functions of FTIB Created in 1980: Marketing Arm of Government Key functions Promoting; Facilitating; & Stimulating Investment & Exports Making potential investors aware FTIB will help get their project going / incentives available, etc
Investment Policy Non-discrimination of foreign investors on grounds of nationality Investors are protected regarding acquisition of property Easy repatriation of profits; facilitated by Reserve Bank of Fiji Fiji Government highly supportive of exports/investment 2010 National Budget; 2009 Devaluation Foreign Investment Access Foreign Investment (Amendment) Act 2004 Exceptional to Fishing business; almost all investment areas can be fully foreign owned
- IPI Performance Results
Short listing Key Investment Factors Fiji is a regional and global hub. Offering a package of trade and investment incentives - duty concessions, investment allowances, tax exemption and tax free regions; Low Corporate Tax Rate of 28%; A Government which welcomes and supports local and foreign investment, within its overall objectives of growing the various sectors of Fiji’s economy; State of the art telecommunication infrastructure; A well developed infrastructure, including electricity, water supply and internal communications. Availability of land at reasonable rates for factory and building construction. Well developed banking and financial institutions providing full financial services.
Short listing Key Investment Factors …. cont’d Fast registration of foreign investment projects. Well educated workforce with a literacy rate of 93.7%. Good health and medical facilities including a modern private hospital and medical centres. Fiji is signatory to various trade agreements, frameworks and memorandum of agreements:This allows for better market access and provides a conducive investment climate and opportunities with other countries. The trade agreements are as follows: Bilateral Trade Agreements Regional Trade Agreements Multi-lateral Trade Agreements Framework Agreement Fiji has established Memorandum of Agreements with India and China
FTIB’s Strategies: FTIB implements Government policies We encourage investors to abide by Fiji’s laws and to take advantage of the incentives available to them FTIB promotes a pro-investor environment amongst Government agencies; encouraging foreign investors to remain in the country and continue to inject foreign income in the economy Internal system in place – Customer Relationship Management (CRM) Commitment of approximated timeline to investors in regard to responsiveness of services by FTIB – Proactive mode both in the Website and other mode of communication
FTIB’s Strategies (Effective Facilitation) Assigning FTIB Officers as: - respective investment sector officers - desk officers by different countries Previously FTIB Main Office & 1 Regional office At present FTIB Main Office & 2 Regional Offices Drive for Multi-Lingo information in website and web-friendly structure with inclusion of downloadable options Sector Information development – implementation of case studies and comparison statistics Show Business Case, Case Studies/testimonies from investors to support Contact Information on website.
How Effective Facilitation contributes to the economy Facilitation encourages investors to go through with their planned investment and increases the chances of a project getting implemented, thus: Increases the level of foreign remittances into the country; Encourages local and foreign partnership at the private and public sector level (through joint ventures). Increases competitiveness in the private sector and brings in a wider range of products for the local consumers to enjoy. Utilizes Fiji’s untapped resources where local investment is not able to develop. Increases employment opportunities in the country Increase level of income earned, which will increase consumer expenditure and therefore contribute to the Gross Domestic Product of the economy.
Why Facilitate Investment Projects Ensure Government’s goals are achieved according to the National Strategic Plan Increase implementation rate of projects – economic growth, employment creation, etc Ease of implementing projects by investors Investor friendly environment Encourage joint ventures
Case Studies – Successful Agriculture Projects Name Registration Date Implementation Date Total InvestmentEmployment Bio Fuels International Ltd 23 April 2009 The project is still in preparatory stage $250,000 in fixed assets, $727, FJD in funds 6 -full time 35- seasonal Fresh Fruit Fiji Limited 21 March 2007 Late August 2007F$120,00012 locals on full time
Case Studies – Successful ICT Projects Name Registration Date Implementation Date Total InvestmentEmployment ATH & In Touch Solutions of India Local company Will commence on 15 December 2010 F$2,500, full time staff MindPearl Limited 16 March September 2009$3,760, full time & 3 part time
Case Studies – Successful Tourism Projects Name Registration Date Implementation Date Total InvestmentEmployment Emaho Sekawa Limited 17 June October 2010 Fixed assets: $1,000,000; Funds $1,300,000 5-full time, 5 part time Laucala Island Beach Resort 14 October 2005 October 2008Approx: $ m Fixed asset: F$200m 360 People
Case Studies – Successful Fisheries Projects Name Registration Date Implementation Date Total InvestmentEmployment Sun Log Investment (Fiji) Limited 12 September January 2008F$250, Full time 20 part time J Hunter Pearls 11 June 2003 In 2004More than $25,000 6 locals
Way Forward FTIB one stop shop concept, we will meet, assist & / facilitate all investor needs FTIB set up all over Fiji (West/North/Capital) can show you potential areas to set up your business, make all meeting arrangements, etc. (Fiji Embassy can facilitate this end) Government and Statutory Bodies to improve resources in various departments with assigned KPIs so that efficient services are provided to investors New trade office in Shanghai, Fiji missions in Indonesia, South Africa & Brazil.
See our Website: Fiji Islands Trade and Investment Bureau