Investments will no doubt generate returns translating into long-term sustainable and continued growth for Fiji’s economy.
This was highlighted by the Minister for Industry, Trade, Tourism, Local Government, Housing and Community Development Hon. Premila Kumar at the 2019 Business Summit organised by Fiji Chamber of Commerce and Industry at Holiday Inn last night.
“Investment figures have been positive, with over 25 per cent contribution to the gross domestic product (GDP), and the private sector investments have contributed approximately 15 per cent,” she said
“The Reserve Bank of Fiji economic review has stated that investment has remained upbeat in 2018.” Minister Kumar said this meant that investor confidence would remain high both by Government and private sector. “On average new lending by commercial banks for investments increased by 1.4% to $565.7 million.”
Whilst the Government continues to provide relevant infrastructure, it is equally important that the policy and regulatory framework are reviewed and revised to meet the market demands. Minister Kumar added that the Fijian businesses are at the core of all their plans for development.
“Our efforts are to continue to strive to provide a stable and fair-trading environment, and to generate new business opportunities to boost our trade relations with our partners.”
Fiji Revenue and Customs Service (FRCS) Chief Executive Officer, Visvanath Das, said in terms of government policies the FRCS has a similar vision and the consistency that they want to maintain. “What we want to do is, we want to create an environment of voluntary compliance and self-assessment,” he said. “We want to support businesses, provide as much information as possible so that the business grows.” He said at the end of the day the tax take compared to the total GDP of around 25% was reasonably good.