Fiji Australia trade reaches $1.1 bn
Two-way goods trade between Fiji and Australia reached $1.1 billion in 2017 and around $187 million worth of Australian investments were registered. This was revealed by the Minister for Industry, Trade, Tourism, Lands and Mineral Resources Faiyaz Koya while opening the 2018 Fiji-Australia Business Council Forum at the Fiji Marriott Resort Momi Bay yesterday.
“Fiji offers many opportunities in the traditional economic sectors, as well as in the rapidly growing sectors like ICT, manufacturing, tourism, mining, food processing, services and Resource-based sectors, to name a few.
“Fiji offers a number of targeted incentives to foreign investors that will be of great interest to those in this room.
“Our corporate tax rate stands at 20 per cent, a figure that becomes even more attractive if a foreign company establishes their headquarters in Fiji, dropping to 17 per cent.
“If the company is listed on the South Pacific Stock Exchange that rate is lowered even further to just 10 per cent.”
Mr Koya said Fiji today was the strongest, most innovative and the most united than it had ever been before.
“We are the hub of the Pacific, in terms of trade, business, transportation, logistics and communications.”
He said Fiji’s continued economic growth over the past nine years was expected to maintain this upward trajectory in the years to come. “The Fijian Government’s policies have led to an increase in per capita income for Fijians to over $12,000, almost doubling from $6,419 in 2006. “Foreign Reserves are just under $2.114bn, which is enough to cover 4.9 months of imports. “Unemployment is recorded at the lowest in 20 years at 4.5 per cent.
“Fiji is leading the region as a modern and progressive nation.
“As a result, we are also developing the most talented and the most competitive workforce in Fiji. “Furthermore, our policies are dedicated towards developing emerging markets in order to forge new relations, whilst encouraging re-engagement with our traditional partners like Australia, in order to create new trade and investment opportunities that benefit us all.
“Australia and Fiji are natural and long term trading partners, therefore, we must work together to reach the full potential of our relationship by exploring means and ways of further engagement.”