Government Policies Attract Investors: A-G
Companies do not come and invest in any country, in particular in a new project like this Biomass plant unless they have faith in the government and the policies of that government. Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum while commissioning the $100 million Nabou Green Energy biomass plant yesterday, said this included the laws of the country where it gave them that sense of security and level of confidence to know that they would get the return on their investment.
He said the FijiFirst Government has provided that level of confidence and policies that has allowed foreign companies to come in. He referred to the Chairman of GIMCO (Sang Sun Lee) who told those attending the opening that the money invested in the company did not derive from Fijian sources but from overseas.
Mr Sayed-Khaiyum said this also meant an improvement in our foreign reserves.”
This is the first time Fiji has a biomass plant that will supply electricity to the Fiji Electricity Authority electricity grid. Government has allocated over $29million for the Grid Extension Projects to ensure Fijians are connected to the electricity grid. Mr Sayed-Khaiyum said some people in Fiji do not have access to electricity - cannot use a fridge and children cannot use light at night. He said Government is passionate about ensuring that Fijians are connected to electricity, connected to good roads and connected to water. In fact, the Fijian Government has an objective that by 2030 Fiji will have renewable energy.
As for COP 23 Mr Sayed-Khaiyum said they were honoured, as a small island state in the, middle of the Pacific Ocean to be given the presidency of the COP23 which he said was completely unheard of previously. Mr Sayed-Khaiyum said this meant that Fiji can tell the rest of the world that we are in the business of attracting investments in renewable energy. In addition how we can convert renewable energy into commercial and economical benefits for every individual in Fiji, he said.
Mr Sayed-Khaiyum said landowners will be receiving more income from the new leases that has been granted.
Prime Minister Voreqe Bainimarama will soon distribute over $1million in bonus to landowners because of the good performance of Tropik Wood.
We are creating an environment, where it is not only good for foreign businesses but for the betterment of landowners and all Fijians, Mr Sayed-Khaiyum said.