Fiji, a South Pacific country serves as a gateway to the Asia- Pacific region. Its proximity to major markets such as New Zealand, Australia, Asia, and America offers excellent connectivity and trade opportunities.
The COVID pandemic contracted the country’s economy. The 2020 economic contraction was the largest in the country’s modern history. Travel restrictions, economic uncertainty, and global supply chain disruption deterred investors.
Following the economic contraction, the Fijian government took several initiatives to reattract investments. The government offered various incentives to encourage investments in the country. These incentives include stimulus packages to support businesses, streamlined business registration processes, and tax and duty concessions.
The country has a fixed corporate tax of only 25 percent. For businesses listed on the South Pacific stock exchange, the tax rate drops to 15 percent. The government is also working on the establishment of Especial Economic Zones to promote investments and economic development. These zones will provide various tax and regulator incentives to businesses operating within them.
Investment Fiji facilitates investments by providing investors with various services. It assists investors with investment applications, permits, and approvals. Investment Fiji also conducts promotional activities, participates in investment forums, and fosters partnerships to attract investors in the country.
The Fijian government also implemented investor-friendly policies. For instance, the parliament passed the Investment Act 2021 to improve the ease of business in the country. Such measures resulted in economic stability.
The political climate is also stable. These economic and political stabilities increased investors’ confidence and welcomed significant investments in the country. Investment activity increased in 2022.
Fiji is also an attractive investment destination because of its highly educated and skilled workforce. The country produces competent professionals in various fields.
The country offers investment opportunities in various sectors. These include tourism, textile, manufacturing, fisheries, agriculture, forestry, mining, infrastructure development, renewable energy and digital economy.
Tourism has immense investment potential. COVID-19 almost completely shut down this sector. However, tourism bounced back beyond expectations in post-pandemic years.
Now, tourism is the country’s one of the fastest-growing industries. It remains the country’s largest foreign exchange earner industry. This sector offers investment opportunities for investments in hotels, resorts, ecotourism, adventure tourism, and related infrastructure.
Agriculture has significant investment potential. The country has virgin soil and a tropical climate, ideal for cultivation. Fisheries also play a vital role in a country’s growth and development. It is the third largest resource-based sector of Fijian’s economy.
Fiji’s geography and geology make it an ideal destination for investors. It is located on the Pacific “ Rim of Fire” which is known to host major world-class copper and gold deposits. These deposits have attracted multinational exploration companies to invest in their exploration.
The manufacturing sector has significant potential for investment. It offers near-source and cost-effective alternatives to Australian and New Zealand production.
Given the importance of technology in the post-pandemic world, Investment Fiji is focused on attracting investment in this sector. Fully digital companies are given incentives to positively influence the development of their services in Fiji. Knowledge process outsourcing (KPO), infrastructure technology outsourcing (ITO), and BPO are the main priority areas for investment.
