Suva, Fiji, April 08 2022 – Fijians are set to benefit from an overhaul of Fiji's peak investment agency that will enable it to focus on export and trade opportunities that help create jobs and drive economic growth.
The move to realign the strategic focus at Investment Fiji – the investment and trade promotion agency of the Fijian Government – is expected to generate additional foreign exchange earnings as well as employment opportunities, contributing to the long-term recovery of the economy, particularly in response to COVID-19. It comes after IFC, a member of the World Bank Group, provided technical advisory support to the Ministry of Commerce, Trade, Tourism and Transport (MCTTT) as part of a broader initiative to support inclusive and sustainable growth.
Investment Fiji will now focus primarily on investment promotion and export expansion, while its regulatory functions will be transferred to the relevant competent authorities. The restructured role comes after the enactment of the Investment Fiji Act 2022, and the revocation of the Investment Fiji Act 1980.
"Fiji, as a Small Island Development Stated (SIDS), suffered from the effects of the COVID-19 pandemic, especially with the closure of international travel and tourism. We are now taking giant strides towards economic recovery. One way to promote growth is by making it easier to invest in the country," Permanent Secretary Commerce, Trade, Tourism and Transport, Shaheen Ali said. "Investment Fiji plays a critical role in promoting Fiji as a business and investment destination of choice. Investment Fiji will also actively seek international markets for Fijian Grown and Fijian Made products, which is equally critical."
The reform of Investment Fiji is in line with the strategic priority in Fiji's five-year and 20-year national development plans to modernise the regulatory environment for inclusive and sustainable private sector development. It follows enactment of the Investment Act 2021, which enhances the investment climate in Fiji by providing equity for investors with transparent, reliable, efficient, and fair rules and procedures.
With the support of the governments of Australia and New Zealand through the Fiji Partnership, IFC provided technical expertise to the MCTTT in the drafting of both the Investment Act 2021 and the Investment Fiji Act 2022.
"Investment Fiji's new role comes at an opportune time as Fiji is one of the first countries in the Pacific to offer quarantine-free travel making it easier for investors to visit the country and explore opportunities," Acting IFC Resident Representative in Fiji, Kiribati, Samoa, Tonga and Tuvalu, Sameer Chand said. "Fiji has made significant reforms to help attract new investment, including enabling Investment Fiji to assist prospective and existing investors."
The Investment Fiji Bill was tabled in Parliament on February 10 and was referred to the Standing Committee on Justice, Law and Human Rights for public consultations.
In its report, the committee highlighted issues raised during public consultations which included the need to support and have more collaboration between government agencies and local investors, as well as the need to provide data on natural resources, which would be useful for the assessment of investment opportunities in that sector. The committee recommended Investment Fiji should be adequately resourced, and that its work should be monitored and evaluated.
Investment Fiji is also expected to provide after-care services to investors and assist them to overcome any challenges to the growth and expansion of their business activities, so the country can reach its investment potential in the post-COVID environment.
Fiji Partnership
IFC's work in Fiji is supported by the governments of Australia and New Zealand under the Fiji Partnership to unlock private sector investment, promote sustainable economic growth and boost shared prosperity in Fiji.
About MCTTT
The Ministry of Commerce, Trade, Tourism and Transport (MCTTT) of the Fijian Government is responsible for formulating and implementing policies and strategies that create and facilitate growth in industry, investment, trade, tourism, transport, co-operative businesses, and micro and small enterprises. The MCTTT also has the mandate of enhancing metrology, standards, and consumer protection ensuring fair trade.
The responsibilities also undertaken by the Ministry, including the Trade Commissions in Australia, New Zealand, China, North Americas, and non-resident for the Pacific Island Countries. The Ministry is further supported by seven statutory bodies: Consumer Council of Fiji, Investment Fiji, Film Fiji, Tourism Fiji, Real Estate Agents Licensing Board, Maritime Safety Authority of Fiji and Land Transport Authority. For more information, https://www.mcttt.gov.fj
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org
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