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Fiji Time: 12:52 PM on Friday 25 April

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FCEF welcomes move

Felix Chaudhary
Saturday, November 24, 2012

THE Fiji Commerce and Employers Federation has cautiously welcomed the removal of the $250,000 minimum investment requirement.

Chief executive officer Nesbit Hazelman said the move by the government would entice investment but required close monitoring of investors to ensure fly-by-night operators do not misuse the incentive.

Prime Minister and Minister for Finance Commodore Voreqe Bainimarama announced the changes as he announced several tax initiatives aimed at attracting new investments.

"We note the work government has committed towards attracting investment, to this end it is pleasing to note that government will remove the $250,000 investment threshold criteria.

"This particular prerequisite was an impediment to growth and investment.

"The FCEF welcomes the removal of this minimum investment requirement and this should see increased investments and growth of new industries in the country.

"I am sure that government will have processes in place to monitor and vet investors and the onus will be on Investment Fiji (IF) and the Financial Intelligence Unit (FIU) to ensure that these processes are effective in identifying serious investors into the country and weeding out bogus business."