Regime to reduce investment red tape
Saturday August 18, 2007

Minister for Public Service, Public Enterprises and Public Sector Reforms, Poseci Bune

Fiji's interim regime says it is determined to try and cut down on red tape to ensure approval time for investments can be reduced to less than six months.

Minister for Public Service, Public Enterprises and Public Sector Reforms, Poseci Bune revealed this after officiating at the inauguration of City Foreign Exchange Company's new branch at Port Denarau in Nadi.

The City Foreign Exchange Company that had started in Hong Kong has branched out over the past 11 years to the Asia-Pacific Region, including Sydney, Auckland, and Fiji.

"The fact that your Company was able to open its first branch in Fiji in March, 2002, soon after it was incorporated on 9th April, 2001, a period of less than 12 months, is a clear illustration of Government's determination to encourage and promote investments in the country.

"The granting of work permits has also been relaxed to enable investors to recruit professionals and expertise from anywhere in the global market," said Bune.

"The tourists as well as visiting friends and relatives from abroad, residents of Denarau Island and the people of Nadi will now be offered quality, efficient and effective services since I am given to understand that City Forex will operate with extended hours of service, 7 days a week, from morning to the late evening hours.

"This is no doubt, will make the business of receiving remittances from friends and families abroad more accessible, convenient and efficient and will also generate more business activities in the country."

Bune added that the phenomenal growth in remittances and tourism has also propped up Fiji's external reserve position.

Personal remittances according to the Reserve Bank of Fiji are estimated at $306 million for 2006, and are currently the third major gross foreign exchange earner for the country, behind tourism and garments. The RBF expects it to overtake tourism as the highest net earner, soon.

"However, total reliance on just tourism and remittances cannot continue for long, as Fiji needs to re-strategise on ways to lower the cost of doing business, bring to full potential those industries where its strength lies, as well as encourage the growth of new ones like ICT, Audio-Visual, etc," he said.

Bune said the Government will continue to support investments into all areas of the economy and will stimulate and facilitate investment by removing barriers to entrepreneurship.

"This is all part of Government's Investment Policy which covers investment facilitation, competitive taxation, investment incentives and concessions, work permits, infrastructure, site development and business establishment," he said.