Urgent need to diversify the economy – Seeto
THERE is an urgent need to diversify the economy while being cognisant of climate change and sustainability.
Investment Fiji board of directors chair Jenny Seeto said this in her opening address at the Fiji Institute of Accountants preliminary budget discussions on Denarau over the weekend.
Ms Seeto informed over 150 accountants that sectors for diversification could include commercial and sustainable agriculture, fisheries, outsourcing, healthcare and diversifying from traditional tourism to medical and sports tourism.
“And of course, technology underpins what we do,” Ms Seeto said.
“Tax policy is used globally as an instrument to promote investment.
“A variety of incentives to attract investment in priority areas and regions are used. Policymakers need to review incentive packages, for both existing and new investors.”
Ms Seeto, a former senior partner at the PricewaterhouseCoopers Fiji, said the pandemic had made policymakers focus on the importance of tax incentives and relief efforts in resilience package.
She informed delegates who convened for the institute’s annual general meeting and 50th anniversary celebrations that Investment Fiji is also promoting investment in the North and Ba and Rakiraki areas in the West.
“We are working on establishing an outsourcing business in the North. There are opportunities and good reasons to invest in areas in these regions.”
Ms Seeto said the Government had rolled out many support initiatives for businesses to tide Fijians through this challenging period – ranging from concessional loans for micro, small and medium enterprises (MSMEs), to tax and duty reforms.
She said several business trainings, mentoring, advisory and incubation services had also been provided and reforms included legislative reviews, especially modernisation of the investment law, streamlining and digitalisation of approval systems and processes.
She added the pandemic has resulted in reviews of business models and delivery and this was done to allow the survival of the economy and its people.
We are working on establishing an outsourcing business in the North. There are opportunities and good reasons to invest in areas in these regions
– Jenny Seeto