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Asian domination of region's market grows

Ropate Valemei
Wednesday, November 21, 2012

FIJI and other Pacific island countries' future success are closely linked, not only to Australia and New Zealand, but also to Asia.

This was revealed by the head of ANZ Transaction Banking Pacific Iain Leech at the Australian Institute of Company Directors Fiji members' meeting on Monday night.

He said Australia and New Zealand were foundations for our country in trade and tourism, however, Asia's role in the region was changing.

"Trade between China and the Pacific grew by more than 30 per cent every year between 2001 and 2011. In financial terms, that's an increase from $180 million in 2001 to more than $2.1bn in 2011," Mr Leech said.

Behind Australia and New Zealand, he said, China was now the third largest aid contributor to the region by pledging more than $US600 million ($F1.06bn) into the Pacific islands since 2005. "Specifically in Fiji, we've seen imports from China to Fiji grow five-fold in the past decade," he said.


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