Investors should take advantage of incentives offered by govt - PM

Fiji is open for business and investors should take advantage of the incentives offered by the government.

That is the message from Prime Minister, Voreqe Bainimrama to members of the Fiji Australia Business Council.

While opening the council’s forum at GPH Suva, Bainimarama said the investment boom has started and Fiji is on a roll and the country is determined to continue with this.

He said private sector investment has already reached 15 percent of GDP this year, up from 13 percent in 2013.

The Prime Minister said only twice in Fiji’s history since independence has private sector investment exceeded 13 percent. 

Bainimarama said more investment is expected with the right climate in Fiji.

He said availability of land for investments is also being sorted out for the benefit of the landowners and the investors.

Bainimarama also said the South Pacific Regional Trade and Economic Co‑operation Agreement (SPARTECA) Textile Clothing Footwear Scheme is due to expire at the end of the year and it is critical that it be extended beyond this date.

The agreement is essential to Fiji’s economic development and growth.

The agreement gives duty free and unrestricted access of Fiji’s exports from the Textile Clothing and Footwear Sector to Australia.

The garment and footwear industry is a major contributor to the Fijian economy, generating around $100 million in exports.