New Sites, New Opportunities New Investors
Government introduced tax free region incentives available to a newly-incorporated entity engaged in a new trade, business or manufacture establishment in certain areas. Included in this from this year was the Eastern part of Viti Levu from Korovou to Tavua. This was basically to attract new investment in areas which have high potential but are not being utilised because of location. Investments of such nature in these regions can also boost economic activity in the areas along with providing new employment opportunities to people in the areas. However, the takeup on this has been quite slow so far. But by the looks of it, there are some New Zealand-based businesses looking at investing in this area, one for possible manufacturing. Kudos in fact to the New Zealand Fiji Business Council which brought in a group of businesspeople from New Zealand on a business mission to Fiji. Not only did they cater for seminars and one-on-one meetings, but also they took the delegates through the Kings Road to show the potential which exists in the tax free region.
As part of the tour, the delegation also visited the world-renowned Natural Waters of Viti which sells the popular FIJI Water which has a factory in Yaqara. Council President, Chandar Sen, said the visit gave the members the manufacturing capability/opportunities that exists and what the members could create themselves. “We wanted to show the available land and infrastructure especially the roads in what is a significant part of the tax free region,” he said. He confirmed one of the members is now looking at setting up a manufacturing facility in the tax free region as a result.
This success basically shows what potential there is with careful planning and thinking. We have been receiving trade and business missions in the country from various places, but organisers need to plan better and get in on the programme, the major attractions for investment. The tax free region can surely be considered one of them. In fact, given now our road conditions along the Kings Road is much better compared to only a few years ago, transportation etc would not be a problem either – it surely isn’t for FIJI Water. There can be disadvantages of being based away from the city, but with proper planning, these tax free regions can be quite a boost for any business.
The only condition for granting of licence to operate in these tax free regions are the company must be newly incorporated and the minimum initial investment should be $250,000.
It’s a little bit of forward thinking which can guarantee the success of your business.
Council President, Chandar Sen, said the visit gave the members the manufacturing capability/ opportunities that exists and what the members could create themselves.