3,575 employment opportunities for Fijians is expected to be created through a total of 134 foreign and local projects which were implemented between August 2018 to April this year.
These projects are valued at $872.45 million.
This was revealed by Minister for Industry, Trade and Tourism and Local Government, Premila Kumar at the launch of the 2019 Prime Minister’s International Business Awards.
The Minister stated that they are reviewing the investment law, so that they are able to better respond to the needs of the investors and create a modern investment climate.
Kumar says they are working in consultation with the Singaporean Government to review, redesign and harmonise the building permits and the processes involved in starting a business.
She adds that next month, they will launch an online information portal called “bizFIJI” which will provide information in relation to building permits and starting up businesses on a single platform.
The Minister adds they will be taking the construction permit approval processes entirely online, with extensive work scheduled in the next financial year to prepare for the transition.
She says they will also be undertaking extensive review of all business processes and implement reforms that will allow for immediate results for the benefit of all entrepreneurs.
Kumar further adds investor confidence remains high with total investments maintaining contribution to the Gross Domestic Product of around 25 percent as they have been able to capitalise on opportunities by creating a conducive environment for investment, supported by favourable market conditions and an educated and skilled workforce.
She says the 2019‑2020 National Budget has a number of incentives for emerging and existing businesses.
The incentives will support growth in the areas of tourism, manufacturing, transportation, housing, retirement villages and aged care, ICT, research and development and waste recycling and the audiovisual industry.
Kumar highlighted that a two‑year programme with the technical expertise from Singapore to establish Master Plans for the Greater Suva Area, Lautoka and Nadi, is underway.
She says to increase Fijian exports, Investment Fiji is developing capability support programmes and enterprise development tools.
These include the provision of technical assistance and logistical information, regulatory environment improvements and new market research.
Kumar added key service is part of the agency’s support services, designed to assist local and foreign investors in developing comparative advantages of their products for export.
She further stated that in Fiji, the two progressive urban economic belts are the Greater Suva Area and the Nadi‑Lautoka corridor.
Kumar says development permit applications and business licenses processed in these corridors are an indication of the economic wealth generation prospect.
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