Over 60 participants representing the Government, donor agencies and the private sector participated in a Strategic Planning Workshop yesterday – a transformational journey of Investment Fiji becoming a Trade and Investment Promotion Agency.
The Ministry of Commerce, Trade, Tourism and Transport (MCTTT) collaborated with the Australian Government-funded Market Development Facility involving representation from a wide cross-section of private sector industry associations and government.
Minister for MCTTT, Faiyaz Koya speaking at the event said “the Ministry in conjunction with the International Finance Corporation/World Bank Group continues to put in place policy and regulatory frameworks to meet the market demands”.
“The reform journey began in 2017, with an Investment Reform Map, highlighting areas of strength, gaps and weakness in the existing legal and policy framework for foreign investment, and identifies reform action plans,” Mr Koya highlighted.
“In 2019, we established Fiji’s first Investment Policy Statement, which outlines our development vision – diversify towards knowledge-intensive sectors. This requires that the resources are channeled towards attracting the right kind of investment and investors.”
“Therefore, one key outcome of the reform map is having a comprehensive Investment Act that provides rights, protection and obligations to both domestic and foreign investors,” he added.
Whilst Investment Fiji’s new role will focus on attracting foreign direct investments, they will also focus on investment generation (including targeting), investor facilitation, investor aftercare, export – promotion and policy advocacy.
Mr Koya adds that Investment Fiji will now focus on three key components – Investment Matching, Investor Services and Trade Development, which will result from attracting “efficiency-seeking” investors.
Investment Fiji Chief Executive Officer, Mr Craig Strong said that “it was critical that in developing the organisations’ revised strategy, those involved in the ecosystem of the Fijian Economy are part of its development and therefore we have gathered captains of industry and government officials for this process and to spearhead the development of the strategy”.
He added that over the coming months as Investment Fiji transitions into Investment & Trade Promotion Agency so will the mandate.
