Fiji presents numerous investment opportunities, but attracting Australian private sector investments requires simplifying the investment processes, according to Justin Smirk, Westpac director and senior economist.
In a recent media interaction, Smirk shared his insights before the Fiji/Australia – Australia/Fiji Business Council Joint Forum, set to take place at the Grand Pacific Hotel in Suva, where he will be a speaker.
He emphasized the need for tax simplification and improved approval processes, advocating for clearer legal and business requirements for those looking to invest in Fiji. “It’s challenging to navigate the system, and often you won’t get clear answers from inquiries,” he noted, highlighting a lack of clarity on who is responsible for approvals.
While tourism, construction, and infrastructure remain traditional avenues for investment, Smirk believes Fiji can offer more robust opportunities for Australian investors. He encouraged Australian retailers and distributors to explore the local market, emphasizing the potential for companies like Coles and Woolworths to build essential infrastructure, such as cold storage facilities and shipping networks.
He also mentioned the possibility for Australian agricultural firms to establish operations in Fiji, focusing on production, infrastructure development, and training local professionals to improve the workforce.
Smirk suggested that there is room for high-end fashion in Fiji, proposing a model similar to Kookai, where design work is conducted overseas but production and distribution are based in Fiji. By utilizing modern technology and providing high-level training for Fijians, he believes the country can establish a strong foothold in this sector.
Ultimately, Smirk underscored that a simplified and effective investment approval system is crucial for fostering foreign investment, asserting that systemic improvements will lead to increased interest from investors.