Investment Fiji

THE INVESTMENT AND TRADE PROMOTION AGENCY OF THE FIJIAN GOVERNMENT

SPOTLIGHT ON INVESTMENT IN FIJI

Sat in the heart of the South Pacific, Fiji has been a regional trading hub for hundreds of years and is an island of opportunity for investors

Writer: Jack Salter | Project Manager: Deane Anderton

Strong shipping and air connectivity, coupled with modern ICT infrastructure, make Fiji a logical and opportune choice for businesses to invest in.

Fiji’s strategic location in the South Pacific makes it an ideal trading port, with the country’s two main shipping ports located in Suva and Lautoka serviced by global shipping liners. Suva is the capital and largest city in Fiji, whose port and wharf facilities are capable of handling large cargo and passenger vessels.

Northwest of Suva stands Nadi International Airport, which is equipped to handle all types of aircraft and is used by most international airlines operating on transpacific air routes. It is also the operational base of national flag

carrier, Fiji Airways, which operates scheduled flights between Fiji, New Zealand, Singapore, Hong Kong and the US, as well as through other regional countries in the South Pacific.

Complementary to Fiji’s extensive connectivity by air and sea is its state of the art ICT infrastructure, with fibre optic connectivity and the availability of 4G broadband enabling companies to operate in the global market and successfully conduct business.

Fiji is also a tax-friendly environment in which fixed corporation tax (20 percent), tax incentives, tax-free zones and low import duties make for a viable business landscape.

An equally strong asset is Fiji’s dynamic human capital,

as the country has a young, multicultural, vibrant, and welleducated workforce. Indeed, 46 percent of the population is under the age of 25, and the nation’s impressive literacy rate exceeds 90 percent.

There is evidently a multitude of benefits for investors to capitalise on in Fiji, across several sectors. Agriculture, for example, has immense potential due to the country’s virgin soils and tropical climate.

Behind sugar and subsistence agriculture, the fisheries industry is the third largest natural resource-based sector of the Fijian economy, playing a vital role in the growth and development of the country.

Fiji’s renowned culture of hospitality and resourcefulness

likewise delivers exceptional value for investors, and there are many examples of commercial success resulting from investment ventures in the tourism industry, largely regarded as another important economic driver.

The geography and geology of Fiji have also attracted multinational exploration companies to invest and successfully prospect for mineral deposits, including gold and mineral water, whilst it makes equally good business for filmmakers to take advantage of the country’s spectacular scenery.

With further opportunities in the likes of manufacturing, energy, health, forestry and ICT, Fiji is well-positioned to attract investment from around the world.

BSP Financial Group Limited: Your Perfect Banking Partner for Investing in Fiji

BSP is well-positioned to serve both retail and corporate customers across the region. In addition to this and to support international operators, BSP has corresponding arrangements with banks in all the major trading economies of the world.

BSP Financial Group Limited (BSP) is a leading financial services provider in the South Pacific region, offering a comprehensive range of banking products and services. With its extensive branch network spanning seven Pacific nations, including Fiji,

BSP is a publicly listed company, traded on the Australian Securities Exchange (ASX) and the Papua New Guinean National Stock Exchange (PNGX). This ensures its commitment to transparency, corporate governance, and accountability to shareholders which in turn allows it access to financing for their investments. The public listing also ensures that BSP adheres to rigorous compliance standards, including international anti money laundering and counter terrorism financing legislations, ensuring that its operations are in line with regulatory requirements and industry best practices.

Unlock a World of Possibilities with Our Diverse Range of Products and Services

BSP understands that every investor

has unique financial goals. That is why we offer a comprehensive suite of products and services that cater to the specific needs of all sizes of businesses. This ranges from basic banking services such as opening and maintaining bank accounts in domestic and foreign currencies to more specialised offerings like commercial and trade finance to investment and cashflow advisory services.

Here in Fiji, BSP, comprising of the Bank, BSP Life and BSP Finance, offers businesses and investors a unique advantage that guarantees them the support needed for them to thrive. Within the BSP Fiji Group, the other companies can offer asset finance and life and health insurance through BSP Finance and BSP Life, respectively.

BSP’s account services cover a wide range of banking needs, providing convenience and flexibility for both local and international transactions. Whether customers require a current account for day-to-day business operations, a savings account for long-term financial goals, or foreign currency accounts for global transactions, BSP has you covered.

Financing Options Tailored to Your Business Needs

As an investor, securing the right financing options is crucial for the success of your business. BSP is well-equipped to provide the necessary funding for your operations or expansion plans. BSP’s team of experienced professionals understands the unique challenges and opportunities in Fiji’s business environment. Whether you require project financing to expand your business operations, trade finance solutions to facilitate import and export activities, or working capital loans to support your day-to-day operations, we collaborate closely with you to structure customised financial solutions that align with your specific needs.

Unparalleled Customer Service: BSP’s 24/7 Support Sets the Standard in Fiji

When it comes to providing exceptional customer service, BSP stands out as the leading banking institution in Fiji. We take great pride in being the only bank in the country to offer round-the-clock customer service support, available 24 hours a day, seven days a week. They understand that as an investor or business owner, accessible banking services are crucial for your operations. With BSP, you can rest assured knowing that our dedicated relationship managers and customer service agents are available to address your inquiries, resolve issues, and help whenever you need it. Enjoy the convenience and peace of mind that comes with our unmatched 24/7 customer service support.

Networking and Connections to Navigate Fiji’s Market

Setting up operations in a new country can be a complex process, but with BSP as your banking partner, you gain access to a vast network and strong local connections within Fiji’s business community. As the largest bank in Fiji, BSP has a deep understanding of the local market dynamics and can provide valuable insights to help you make informed business decisions. BSP’s

relationship managers, who possess extensive knowledge and experience, will assist you through the intricacies of doing business in Fiji.

Moreover, BSP actively engages with various industry organisations, chambers of commerce, and business associations in Fiji. By partnering with BSP, you tap into a network that extends beyond banking, providing you with opportunities to connect with key stakeholders, attend industry events, and engage in fruitful collaborations. Our commitment to building strong relationships and fostering partnerships ensures that you have the necessary support and resources to navigate Fiji’s market landscape successfully.

Technology and Digital Services for Seamless Banking

In today’s digital era, efficient and secure banking services are essential for business success. BSP understands this need and has invested in cuttingedge technology to provide seamless digital banking services. With BSP’s Business Online Banking platform you can enjoy convenient access to a wide range of digital banking and payment solutions, including international banking services. The platform is designed to simplify your banking transactions, improve efficiency, and enhance overall convenience.

Through our Business Online Banking platform, you can easily manage your accounts, initiate, and approve transactions, access real-time account information, and securely communicate with your relationship manager. Our robust security measures ensure that your financial information is protected, providing you with peace of mind while conducting your business online.

Whether you need to make domestic or international payments, transfer funds between accounts, or access comprehensive reporting and analytics, BSP’s digital services have got you covered.

Personalised Business Banking Services and Competitive Rates

Efficiency is a key factor in running a successful business and BSP recognises the importance of reliable and efficient business banking services. When you choose BSP business banking services, you will have a dedicated relationship manager as your primary point of contact. BSP’s relationship managers are experienced professionals who provide personalised assistance and guidance throughout your banking journey with BSP. They take the time to understand your business needs, anticipate your requirements, and proactively offer tailored solutions to help you achieve your financial objectives.

Additionally, BSP offers competitive interest rates, fees, and charges on various financial products, allowing you to effectively manage your finances and make the most of your investment in Fiji. BSP understands that these are costs to a business and can significantly impact cash flow profitability. That is why they strive to provide competitive deals that align with market trends, ensuring that you can optimise your returns on investment.

Trust in Our Strong Financial Backing and Strategic Partnerships

Choosing a banking partner with a strong financial foundation is essential for the long-term success of your

business. BSP has solid financial backing and strategic partnerships that provide added stability and reliability. Our robust risk management framework ensures that we maintain a strong capital position, adhering to regulatory requirements and industry best practices. This commitment to financial strength and stability means that you can have confidence in the security and sustainability of your banking arrangements, knowing that you are supported by a trusted and established financial institution.

Furthermore, BSP has established strategic partnerships with reputable institutions both locally and internationally. These partnerships enable us to leverage synergies, expand our service offerings, and provide you with access to a wider range of financial solutions. Through these collaborations, we continually strive to enhance the value we bring to our customers, ensuring that we remain at the forefront of the banking industry in Fiji and the South Pacific.

Seamless International Banking Services for Your Global Ventures

As a foreign investor, you need reliable international banking services to facilitate cross-border transactions

and manage your global financial operations. BSP offers a comprehensive range of international banking services to meet your specific needs. Whether you require foreign currency accounts to hold and transact in multiple currencies, trade finance solutions to support your import and export activities, or international money transfers to seamlessly move funds across borders, our experienced team will assist you in navigating the complexities of international banking.

BSP’s expertise in international banking extends to foreign exchange services, where they offer competitive rates and efficient execution to facilitate your currency conversions. We understand the importance of timely and accurate foreign exchange transactions, which is why we have dedicated specialists who can provide valuable insights and guidance on managing currency risks. With BSP as your banking partner, you can confidently expand your

global ventures, knowing that your international banking needs are in capable hands.

Empowering Fiji’s Future Through Shared Corporate Social Responsibility

While seeking business opportunities in Fiji, consider a banking partner that not only prioritises financial success but also shares a deep commitment to corporate social responsibility (CSR). BSP is proud to have an established reputation of being at the forefront of CSR in Fiji, focusing on key areas such as environmental sustainability, education, sports, and community development. BSP’s Go Green initiative demonstrates our dedication to protecting Fiji and the region’s natural environment. Our nationwide community programmes ensure community development for schools, healthcare, and empower Fiji’s future. By choosing BSP we can help you achieve your business goals in this tropical paradise. bula@bsp.com.fj

INVESTMENT INTERVIEW:

As CEO of Investment Fiji, the statutory body promoting investment opportunities and facilitating economic growth, Kamel Chetty highlights the reasons to invest and do business in the Pacific archipelago

Investment Fiji is matching people with businesses and projects in the hub of the Pacific.

APAC Outlook (AO): Firstly, could you talk us through the origins and vision of Investment Fiji?

Kamel Chetty, CEO (KC): Investment Fiji was initially established as a statutory body by the Economic Development Board (EDB) Act Number 11 of 1980 to promote, stimulate and facilitate the economic development of Fiji. However, in 2021 the Investment Act

was published as Act 5 of 2021, replacing the Foreign Investment Act of 1999. This Act introduced a broader range of treatments as international investors now have access to a wider variety of protection assurances. Additionally, it removed the requirement for foreign investors to apply for a Foreign Investor Registration Certificate. However, the Act still authorised the government to publish a list of activities exclusive to domestic companies or where foreign investment was only permitted up to a certain minimum investment or ownership threshold. It enables

INVESTMENT FIJI

the government to impose restrictions on investments in crucial infrastructure, including finance, energy, transportation, communications, data storage, and the ability to access and manage sensitive information.

Today, Investment Fiji operates as an investment and trade promotion agency, fostering sustainable financing ventures and increasing the country’s export potential. The new Act promotes investment in Fiji by introducing a broader range of treatment and protection guarantees for foreign investors and removes the requirement for foreign investors to obtain a Foreign Investment Registration Certificate.

Investment Fiji has also marked its first anniversary this year, operating as a fully-fledged inflation-protected annuity (IPA). The shift from regulatory to facilitation has allowed the organisation to divert its attention and

resources into solely promoting Fiji as an investment and trade destination. Given the competitive global platform, operating as an IPA allows Investment Fiji to maximise the interests of international and domestic investors, turning leads into meaningful developments.

Investment Fiji has also developed a new strategy with the vision of being a leading economic development agency, ensuring increased sustainable investments and exports. The organisation aims to create a positive economic impact for Fijians through premium investments, exports, and employment opportunities. We also seek to diversify the economy, so it is dynamic and less susceptible to global economic shocks. Hence, Investment Fiji is a key factor in the government’s efforts to ensure a Fiji of the future where a good and sustainable quality of life is accessible to all.

Paradise Lightings – savings for a brighter tomorrow

Paradise Lightings PTE Limited is an innovator in the realm of cutting-edge LED lighting solutions.

Established in 2022, we have swiftly emerged as pioneers in the manufacturing of next-generation LED lights that are not only designed to illuminate spaces but to redefine the very concept of lighting efficiency and longevity.

At Paradise Lightings, we believe in a future illuminated by innovation. Our flagship product line, the Paradise LED lights, embodies this ethos by offering unparalleled performance and sustainability. With a remarkable lifespan of 100,000 hours, equating to over a decade of continuous illumination on a 24hour working basis, our LED lights truly stand the test of time.

Crafted to meet and exceed European and other international standards, our Paradise LED lights promise uncompromising quality and reliability. However, that is just the beginning of our commitment to excellence. What sets us apart is our compliance with stringent standards but also our dedication to energy conservation and cost efficiency.

Paradise LED lights are not just luminaires but harbingers of a brighter, more efficient future. By harnessing the latest advancements in LED technology, our lights are engineered to save more than 50 percent of energy consumption. This isn’t

just a statistic; it’s a transformative leap towards a greener planet and sustainable business practices. Moreover, our dedication to efficiency continues beyond there.

The concept of ‘waste not, want not’ resonates deeply with us. Traditional lighting solutions often incur hefty replacement and maintenance costs, eating into resources and budgets. Here at Paradise Lightings, we champion a different approach. With our Paradise LED lights, we promise savings in energy usage and drastically reduce the need for replacements and maintenance. This optimises operational costs and also reduces the environmental footprint of lighting solutions.

We recognise that luminance matters as much as efficiency. That’s why we’ve meticulously designed our Paradise LED lights to maintain the same luminance while operating at reduced wattage. This groundbreaking achievement translates to tangible savings for our customers without compromising on the quality of light.

LED lighting longevity is crucial, but it’s a fact that light output tends to degrade gradually over time.

Unfortunately, this vital consideration is often overlooked in commercial and domestic settings. At Paradise Lightings, we take this concern seriously. While many manufacturers shy away from offering

warranties on lumen degradation, we stand by our products. We believe in transparency and durability, and our commitment to customer satisfaction remains unwavering.

In a world where sustainability, efficiency, and reliability are paramount, Paradise Lightings PTE Limited is your beacon of innovation. Join us on a journey illuminated by the brilliance of Paradise LED lights and the promise of a brighter future for generations to come.

Global collaboration: paradise lightings welcomes partners worldwide

At Paradise Lightings, our vision extends beyond borders. We are open to partners and collaborators worldwide joining us in illuminating a more sustainable future. Let’s work together to significantly impact energy efficiency and create a brighter world for generations to come.

Our Products – Paradise LEDs

Features:

Revolutionising energy savings: illuminate efficiently with 81 percent less energy

Introducing a groundbreaking leap in lighting technology: our latest innovation boasts an astounding energy savings rate of 81 percent, with an impressive luminous efficacy of 190lm/w and consuming only 7 watts of power against 36w of florescent lights with a 100lm/w. We are proud to unveil a lighting solution that brilliantly illuminates your space and significantly reduces energy consumption. Experience the future of lighting efficiency with us.

Unmatched durability: lighting the way for 100,000 hours

Step into an era of lighting that stands the test of time. Our cutting-edge solution shines bright for an astonishing 100,000 hours. Say goodbye to frequent replacements and welcome a lighting companion that will illuminate your path for years to come. Discover a new level of longevity with us.

Cool brilliance: redefining lighting with 75 percent less heat generation

Embrace the future of lighting that not only radiates brilliance but also keeps its cool. Our revolutionary technology slashes heat generation by a remarkable 75 percent, ensuring a comfortable and safe environment. Illuminate your surroundings confidently, knowing that efficiency and comfort go hand in hand. Join us in experiencing a new era of lighting innovation.

Consistent brilliance: lux performance with minimal lumen drop

Experience lighting that maintains its brilliance year after year. Our Luz Performance boasts an impressive

track record, with lumen drops as low as two to four percent per year. Say goodbye to rapid decay and hello to enduring radiance. Trust in lighting that stands the test of time while keeping your space illuminated at its best. Discover the difference with us.

Reliability redefined: product failure rate of only 0.01 percent per year

When it comes to lighting, trust is paramount. Our commitment to quality shines through with an incredibly low product failure rate of just 0.01 percent per year. Say farewell to uncertainty and welcome uninterrupted illumination into your life. With us, reliability isn’t just a promise – it’s a guarantee you can depend on. Join us in experiencing a new standard of lighting assurance.

Stability in illumination: LED driver failure ratea mere one percent power loss

Elevate your lighting experience with stability that’s second to none. Our LED Driver boasts an exceptional track record, with a mere one percent power loss in driver failure rate. Say goodbye to fluctuations and hello to unwavering radiance. Trust in lighting that maintains its integrity, ensuring your space remains consistently illuminated. Experience the difference with our dependable LED Driver technology.

Effortless brilliance: low maintenance effort lighting solution

Simplify your lighting experience with our lowmaintenance solution. Designed for ease and convenience, our lighting solution requires minimal effort to upkeep. Say farewell to frequent interventions and welcome a hassle-free way to keep your space beautifully illuminated. With us, brilliance doesn’t come at the cost of effort. Experience lighting made it effortless.

The L80B10 has been derived from the LM80 test procedure.

With an astonishing less than two percent annual luminosity loss, we proudly adhere to the L80B10 standard. Join the ranks of those who experience

enduring brilliance, where over 90 percent of our LED lights maintain 90 percent of their lumen output for the first 60,000 hours. Illuminate your world with consistency and exceed expectations with us.

Look beyond watts: invest in lumens for savings

Shift your focus from watts to lumens when making decisions. It’s not just about power; it’s about the money you save over the next two years. Embrace change with the assurance of long-term savings and brighter results. Illuminate your path to financial efficiency.

A win-win solution: risk-free transformation for you

Discover the ultimate solution tailored just for you. Our performance-based offering means you don’t need to invest upfront. Instead, pay from the savings generated by the switch. It’s a promise of results without any risk on your part. Experience a transformation that benefits you from day one – a true win-win situation.

Customer Testimonial:

Testimonial: A Bright Transformation with Paradise Lightings

“We are thrilled to share our experience with Paradise Lightings Pte Ltd. In February 2023, we partnered

with them to enhance our Nasese Complex, installing energy-saving lights across buildings 1, 2, and 3. The transformation has been remarkable.

The replacement of 1,593 four-feet and 523 two-feet LED tube lights, totalling 2,116 lights, was seamless thanks to Paradise Lightings. Since the installation, we’ve observed a number of significant changes:

1. Energy Efficiency: Our energy consumption has notably decreased, resulting in substantial savings on our EFL bills.

2. Savings Beyond Bills: Not only have we cut energy costs, but also the absence of replacement and maintenance expenses adds to our savings.

3. Assured Performance: The LED tube lights come with a reassuring performance warranty lasting five years.

Fiji Revenue & Customs Service wholeheartedly recommends Paradise Lightings Pte Ltd to both commercial and residential customers seeking energy-efficient lighting solutions. Their expertise and dedication have undoubtedly benefited our organisation.

We extend our best wishes to Paradise Lightings Pte Ltd for their future endeavours. With gratitude

“Fiji Revenue & Customs Service”

Could you introduce me to Paradise Lighting, your products and services, your client base, the number of employees, and the history and evolution of the company?

Paradise Technologies, established in 2009, is committed to energy-saving solutions. Our core business revolves around harnessing state-ofthe-art technology to champion energy-saving initiatives. Our array of offerings includes advanced energy-saving devices tailored for air-conditioning and refrigeration systems. But that’s not all –we’re dedicated to delivering ultra-energy-saving solutions like UV-C lights, protecting against harmful pathogens, viruses, and bacteria.

In addition to our comprehensive lineup, we specialise in crafting customised solar systems designed to cater to the unique energy needs of the commercial sector. Our commitment to innovation and sustainability drives us to redefine energy efficiency, safeguarding the environment and our clients’ bottom line.

Our range of products is designed to significantly reduce energy consumption, catering to a diverse clientele, including supermarkets, banks, hospitals, warehouses, poultry farms, and retail chains. With a workforce of 30 individuals managing production, marketing, sales, and a technical team for project execution, we have traversed a progressive path from our inception.

Are there any new product lines you would like to discuss or any existing ones you would like to highlight?

Our latest innovation brings forth a new era of LED lights. These cutting-edge lights are 60 percent more efficient than conventional market LED lights, boasting a life span of 100,000 hours and offering warranties of 10 years or more.

How are your products able to save a substantial amount of energy consumption?

The unique selling point of our products lies in their luminous efficacy of 180 lumens per watt, as opposed to the conventional market LED’s 100 lumens per watt. This enables a reduction in power consumption while maintaining brightness.

Could you tell me about your patented technology for the tube lights?

Our lights feature the patented Chip on Board (COB) technology, which sets them apart and contributes to their distinctiveness.

As an energy management company, what role does Paradise Lighting play in the Government’s climate action plan?

Our lights hold the potential to drastically reduce energy consumption by 60 percent or more, effectively decreasing the carbon footprint left by conventional LED lights.

How does Paradise Lighting combat the rising cost of energy, and why is it of particular concern for Pacific Island countries?

With the escalating energy costs, the need for cost reduction is critical. Our products offer an attractive payback period of around two years, significantly alleviating the financial burden and making it particularly beneficial for countries in the Pacific region.

What is Paradise Lighting’s ‘win-win package’, and how does it benefit clients?

Our unique Win-Win package enables clients to acquire assets from the savings they realise through reduced operating costs (OPEX). This ensures the performance of our lights, thereby enhancing operational efficiency and contributing to the company’s bottom line. Furthermore, it aligns with government efforts to reduce the demand for fossil fuels.

Do you have any investments or trade opportunities with other countries?

With our unparalleled product offerings, we extend our solutions to countries across Oceania, South Asia, and North and South America, seeking to broaden our impact globally.

What are your key priorities for the coming year?

Are there any goals you would like to achieve with Paradise Lighting?

Our primary focus lies in expanding our reach and supplying exceptional lighting solutions to countries in Oceania and beyond. Our mission remains to contribute to climate mitigation by reducing the carbon footprint through energy-efficient technologies.

Is there anything significant to the company you would like to add or call attention to?

We emphasise the significance of customer education in energy conservation and advocate for a shift in focus towards emphasising lumen output over wattage requirements. This will undoubtedly lead to more informed decisions and optimised energy consumption.

With Paradise Lighting’s dedication to innovation, energy efficiency, and global impact, the future indeed shines brighter.

AO: What is your current take on the investment climate in Fiji? Is it a particularly conducive or challenging environment to invest and do business in?

KC: The investment climate in Fiji is generating a lot of interest from foreign investors; our team has received enquiries across various sectors from 49 countries each year to date. New Zealand tops the chart (31 percent), with Australia (22 percent), the US (10 percent), India and China (both three percent) following suit. Enquiries for sectors such as tourism (30 percent), ICT and business process outsourcing (BPO) (seven percent), manufacturing (six percent), and energy (six percent) top the list. However, the real estate sector has been picking up a few interests and developments around the country.

The Government of Fiji has made it easier for both local and international investors to set up their businesses in Fiji. Investment Fiji’s new Fiji portal allows companies quick and easy access to a single business hub for starting

a company or building permit application. Investment Fiji also facilitates and provides aftercare services to businesses around Fiji and collaborates closely with the Government to ensure that all bottleneck issues are promptly dealt with to allow for a more seamless transition of organisational processes and applications.

Policies and regulations such as the Investment Act 2021 and Investment Fiji Act 2022 allow for a proper framework to help support and protect investors and Fiji.

The Investment Act 2022 focuses on realigning the mandate and functions of Investment Fiji to enable the organisation to transition from being a regulator to a promotion agency for attracting international and domestic investors. The Investment Act 2021 introduces a range of treatment and protection guarantees for international investors, whilst also removing the requirement to apply for a Foreign Investor Registration Certificate. It also imposes the same reporting obligations on foreign and local investors.

The Government has implemented tax incentives to encourage investment in certain sectors. This includes tax holidays, tax-free zones, lower import duties, and more.

AO: What are some of the biggest investment opportunities in Fiji, and how do you promote them?

KC: Tourism, technology, BPO, and manufacturing are some of the major investment opportunities in Fiji. The tourism sector has been a major GDP contributor to the nation being a solid sector of Fiji compared to benchmarked countries. Investment Fiji prioritises three subsectors: traditional tourism, sports tourism, and medical tourism. Based on potential demand and alignment with Fiji’s capabilities and strengths, sectors such as tourism show potential for investors. The tourism industry bounced back beyond expectations after the COVID-19 pandemic, showing clear signs of growth in the next couple of years, with leisure travel normalising in 2022.

Fiji’s outsourcing sector has also become an essential segment of the Fijian economy. The sector has the potential to showcase a strong historical foreign direct investment (FDI) performance with positive global recovery. It also has established business associations and ecosystems that are beneficial for potential investors and partners plus, there is also a growing demand in the outsourcing sector. With enormous opportunities in the sector, it is expected to create 100,000 jobs in Fiji within the next 10 years. The Fiji Government is providing a 20-year tax-free holiday to investors in the outsourcing sector, and it has also shown enormous potential with unexpected growth during the COVID-19 pandemic, creating jobs for Fijians.

Technology is also a high-priority sector, given its importance in a post-COVID-19 world, and has cut across all sectors and has thrived at the top among other fields. The digital world itself has become a cornerstone of modern society. With the internet user penetration rate rising globally, technologies have matured and are embedded into even more businesses. Therefore, Investment Fiji is focused on attracting fully digital companies to improve their digital skills, structure,

“INVESTMENT FIJI PLAYS A CRUCIAL ROLE IN FACILITATING THE DEVELOPMENT OF INDUSTRIES, VENTURES, AND ENTERPRISES WHICH POSITIVELY IMPACT THE FIJIAN ECONOMY”

– KAMEL CHETTY, CEO, INVESTMENT FIJI

www.myfnpf.com.fj

In Fiji’s economic landscape, the Fiji National Provident Fund (FNPF) shines as a beacon of astute investment and forwardthinking financial management.

As a major investor and esteemed property owner FNPF’s influence pulsates across the nation, underpinned by an impressive portfolio that includes majority shares in Amalgamated Telecom Holdings Pte Ltd, Vodafone Fiji Pte Ltd and Home Finance Company Pte Ltd.

Elevating our members financial future.

The Return on Investment (ROI) achieved in 2022 was 7.4% compared to 6.13% in the 2021 financial year. The ROI has been improving after the decline from 8.56% in 2019 to 4.09% in 2020 due to the effects of the pandemic. From a solid foundation of $320.4 million in 2020, profits swelled to to a staggering $600.5 million in 2022, a feat that speaks volumes about FNPF’s prowess in cultivating strategic investments.

The Fund also holds full ownership of the InterContinental Fiji Golf Resort and Spa, Natadola Bay Championship Golf Course, Yatule Resort and Spa at Natadola Beach, Holiday Inn Suva, Fiji Marriott Resort Momi Bay, Sheraton Fiji Resort, The Westin Resort, Denarau Golf and Racquet Club and the Grand Pacific Hotel.

EMPOWERING OUR MEMBERS

The prudential management and strong growth has enabled the Fund to issue an annual crediting rate of 5% in 2021, 6% in 2022 and 7% interest in 2023 to its members.

Every decision we make, every strategy we craft is ingrained essence of our members’ hopes.

For over 57 years, FNPF has played a pivotal role in the lives of its members, offering a comprehensive retirement savings solution with several key retirement products. A steadfast guardian of over 400,000 members, the Fund operates as a defined-contribution pension scheme through the collaboration of both employers and employees contributing a portion of the employee’s earnings to the Fund. These contributions are invested strategically to generate returns, forging a sustainable path towards long-term growth.

INVESTMENT EXPOSURE AND OPPORTUNITIES

Over the years, the growth and diversification of our investments enabled us to maximise returns. We invest across various including developments & investment in major economic for Fiji.

The primary objective of FNPF’s investments is to maximize returns while managing risks prudently. By investing across various asset classes such as equities, bonds, real estate, and term deposits, the Fund aims to diversify its portfolio and achieve consistent growth.

It is important to understand FNPF’s investment exposure to evaluate the Fund’s potential for growth and stability. FNPF has historically maintained a balanced approach to its investment allocation, leveraging both domestic and international opportunities. While the majority of investments are situated within Fiji, with a high concentration in fixedincome securities, the Fund also diversifies to tap into international markets with the potential for higher returns. The Fund’s exposure to various asset classes provides a diversified and balanced risk-return profile. Investments in equities offer growth potential, while bonds and cash equivalents contribute stability and income generation. The Fund’s ventures into real estate add further diversification and potential capital appreciation.

As the nation’s sole provider of superannuation, we bear responsibility of nurturing and securing the financial future members.

FNPF’s investment strategy is a testament to its foresight anchored in profound commitment to long-term sustainability. Adherence to sound investment principles is also a testament to FNPF’s unwavering dedication to prudent financial management.

The Fund is also actively and diligently expanding its investment horizons, extending a warm invitation to potential investors.

FLOURISHING FINANCIAL GROWTH

The Fund’s investment portfolio witnessed an impressive surge of $520 million in 2022 to close at $8.6 billion. This growth surpasses even the impressive $250 million increase in the investment portfolio observed in the preceding year, as the Fund ascended from $7.85 billion in 2020 to $8.1 billion in 2021. The resilience of FNPF shines particularly bright in the face of adversity. Despite the significant disbursement of COVID-19 response pay-outs to members, the Fund was able to achieve growth within its investment portfolio.

Furthermore, FNPF actively explores socially responsible and sustainable investment avenues. FNPF embraces ethical and environmentally conscious investment practices not only aligning with global trends but as a reflection of Fiji’s own pledge to sustainable development.

ELEVATING FINANCIAL WELL-BEING

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With a focus on stability and consistent earnings, FNPF endeavors to enhance the financial well-being of its members, providing them with a dependable and prosperous future. The Fund can sustain this momentum by fostering an environment where potential investors converge with the Fund, forging flourishing partnerships and nurturing synergistic collaborations.

For more information, call 5857 or email information@fnpf.com.fj

FNPF stands tall as a formidable institution dedicated to ensuring dreams of its members to be materialized in a comfortable retirement. Its strategic investments, thoughtfully diversified portfolio and steadfast commitment to sustainability make it an attractive option for retirement savings. FNPF serves as a vital contributor to Fiji’s social and economic progress etching a legacy that secures the financial destinies of its members and the nation itself.

members

ingrained with the investments have various asset classes economic contributors bear the future of our

Elevating our members financial future.

Every decision we make, every strategy we craft is ingrained with the essence of our members’ hopes.

information@fnpf.com.fj

Over the years, the growth and diversification of our investments have enabled us to maximise returns. We invest across various asset classes including developments & investment in major economic contributors for Fiji.

As the nation’s sole provider of superannuation, we bear the responsibility of nurturing and securing the financial future of our members.

For more

call 5857 or email information@fnpf.com.fj

and readiness, and overall, positively influence the development of services in the country. Knowledge process outsourcing (KPO), infrastructure technology outsourcing (ITO), and BPO are the main areas in which Investment Fiji prioritises its efforts and resources.

Consumer products, food, and agribusiness sectors are also key economic contributors to the country, alongside basic materials manufacturing. The Manufacturing sector has immense potential in Fiji as the country offers a ‘near source’, cost-effective alternative to Australian and New Zealand production and is also in a similar time zone to both countries. There are also opportunities within the sector for creating premium products for niche markets as the Fiji Government is building a sustainable and globally competitive manufacturing sector through targeted assistance and a sound enabling environment for the private sector. This sector includes textiles, garments, footwear, sugar, tobacco, food processing, beverages (including mineral water) and wood-based industries. Value-addition opportunities are also being promoted by the Government to all sectors for export purposes. Some of the major opportunities exist in this industry by way of manufacturing organic certified products, including coconut and fruit products and nutraceuticals which are in high demand from overseas markets.

Fiji has a large young population that can be trained quickly with a neutral English accent, a beneficial factor for the sector. In addition to this, Fiji is also focusing heavily on clothing, footwear, as well as other apparel and accessories as priority subsectors. Cropping (including Kava), fisheries, breweries, and distilleries are our key focus in the agriculture sector, with pharmaceutical preparations, medicinal and botanical, and dental services being the target for potential investment opportunities within Fiji’s health sector.

AO: Equally, how do you facilitate the development of industries, ventures or enterprises that benefit the Fijian economy?

KC: Investment Fiji plays a crucial role in facilitating the development of industries, ventures, and enterprises which positively impact the Fijian economy. This includes but is not limited to investment promotion, sector-specific incentives, investment facilitation and aftercare services,

stakeholder engagements, capacity building, investment promotion events, and sustainable development.

At Investment Fiji, stakeholder relationships play a crucial role in the success of our promotion and attraction activities. The organisation has established a strategic relationship between us and our key partners to ensure successful investment and export promotion to Fiji.

These prioritisations include strengthening relationships with international consultants, government departments, economic development partners, academia, and commercial partners to help support the work of the international Investment Fiji teams. This is particularly pertinent in lead generation, supporting investor facilitation in other legal and government requirements that underpin the execution and closing of investment and export deals, whilst also providing information and facilitation services to companies interested in their region, particularly for exports. These partnerships allow the organisation to access resources that define the employers’ needs and enhance their capabilities of capturing investment and trade leads. Supporting roles provided by our stakeholders have also led to new investment and export opportunities by organising events that place Fiji on a global platform.

Investment Fiji also delivers efficient facilitation and aftercare services to companies that bring positive economic impact to Fiji and assists in establishing, retaining and expanding investment in the country. The organisation also focuses on sustainability, a key component of the Fiji Government, with goals such as converting to renewable/alternative energy in the coming years. Investment Fiji prioritises sustainable development in various industries and enhances green jobs in sectors such as tourism, food and agriculture, manufacturing, and mining.

AO: What are the main benefits of investing and doing business in Fiji?

KC: There are numerous benefits for investors to start their business in Fiji. One of the primary reasons is the country’s strategic location; it is in the South Pacific with access to important markets such as Australia, New Zealand, and China. Therefore, it has been a trading hub for years. Complementing our location are robust shipping and air connectivity facilities, coupled with modern ICT infrastructure, which makes Fiji a logical choice for starting a business.

“OUR GOAL IS TO MAXIMISE THE INTERESTS OF INTERNATIONAL AND DOMESTIC INVESTORS, TURNING LEADS INTO MEANINGFUL DEVELOPMENTS”

– KAMEL CHETTY, CEO, INVESTMENT FIJI

Fiji has two major ports in Suva and Lautoka, and global shipping liners to service the island as well as direct services to and from Asia, Australia, New Zealand, the Pacific Islands, and the Americas, which are complemented by our national airline that flies to various significant trade markets across the globe.

The nation also boasts state of the art ICT infrastructure with fibre optic connectivity and the availability of a 4G broadband cellular network, enabling businesses to operate in a global market.

The Fiji Government has implemented various incentives and policies to create a favourable investment environment for local and foreign investors. The country has a fixed corporate tax of only 25 percent; furthermore, for businesses listed on the South Pacific stock exchange, the tax rate drops to 15 percent. There are several lucrative tax incentives, tax-free zones and low import duties, all of which make Fiji a viable business environment.

As English is the country’s most widely spoken language, besides having a well-educated workforce, Fiji can provide investors with qualified young professionals committed to gaining experience with international companies. Furthermore, the majority of the population is under the age of 25 and with a high literacy rate, making Fiji’s human capital a powerful asset.

AO: How do you see investment in Fiji developing over the coming years?

KC: Various sectors show potential to contribute to the Fijian economy. Traditional tourism, including accommodation such as hotels and transients, has very high global and regional metrics outputs. Sports tourism also has increased in demand, with Fiji’s current capabilities limited due to a lack of sporting infrastructure and nearby accommodation services.

Lautoka

Suva

With the Fiji Tourism Investment Summit, we saw enormous interest in increasing Fiji’s room numbers. Many global players are making moves to capture the potential within this sector. Given the enquiries coming in, there is a massive demand for more rooms in Fiji, which will likely call for significant development in the investment space.

Medical tourism is also identified as an opportunity area as Fiji has the potential to target niche operation areas, such as dental services that are currently expensive in neighbouring developed countries such as Australia and New Zealand. BPO also has a high global volume of projects with several job opportunities. ITO is a growing sector both globally and regionally as digitisation becomes more critical. Looking at Fiji’s capability in this subsector, interest has been shown in developing digital infrastructure and capabilities.

KPO is also gaining traction regarding the number of FDI projects globally and locally. It has been realised that KPO high-level tasks such as market research, marketing services, and publishing are outsourced by companies to vendors. Fiji has captured the interest of many major brands that have seen potential in this area. KPO encompasses processes requiring advanced information search, analytical, interpretation, technical skills, reasoning, and decision-making ability, positioned at the topmost point regarding the intellectual value chain.

Additionally, manufacturing (including botanical products) has also been identified as a potential FDI subsector, enabling Investment Fiji to capitalise in these areas in the future.

AO: Finally, what are Investment Fiji’s critical priorities in order to continue promoting investment opportunities in the country?

KC: To achieve substantial growth in FDI, Investment Fiji enhances opportunities in top-priority sectors, such as tourism, manufacturing, outsourcing, food and agriculture, and healthcare. The organisation also prioritises trade markets and captures opportunities in food and agribusiness, mining, and materials manufacturing. This would only be possible through Investment Fiji’s strategic priorities, which include:

• Investment promotion – to increase the contribution made by investors to Fiji’s economy by promoting Fiji’s competitive and comparative advantages.

• Export promotion – to enable and promote re-development and expansion of export.

• Investment facilitation – to facilitate all necessary information and services to assist prospective and existing investors in meeting their specific investment project needs.

We have been supporting the growth of Fijian businesses, particularly in the Agriculture and MSME sectors across the mainland and outer islands of Fiji. Our commitment to empowering generations of Fijians remains steadfast.

• Aftercare – to assist investors in overcoming any challenges to the growth and expansion of their activities and support investors with their expansion and diversification objectives.

• Policy advocacy – to collect information, raise awareness of investors’ challenges, and recommend reform measures to improve Fiji’s investment and businessenabling environment.

• Image building – to promote Fiji as a desirable investment destination.

Investment Fiji’s priority is to provide investors with guaranteed access to comprehensive support and guidance, allowing for a much more streamlined process in terms of advice, overcoming hurdles and manoeuvring through the regulatory processes.

Fiji Development Bank FDB_Fiji www.fdb.com.fj

INVESTMENT FIJI

Suva - Head Office: Level 6, Civic Tower, Victoria Parade, Suva Tel: 331 5988

info@investmentfiji.org.fj

https://www.investmentfiji.org.fj

PRODUCED BY APAC OUTLOOK MAGAZINE