Investment opportunities in Fiji are plentiful, yet attracting Australian private sector investments necessitates streamlining investment processes, according to Westpac director and senior economist Justin Smirk. He shared this view with local media ahead of the Fiji/Australia – Australia/Fiji Business Council Joint Forum, set to open at the Grand Pacific Hotel in Suva, where he is slated to be a guest speaker.
Smirk emphasized the importance of simplifying the tax system and enhancing approval processes, as well as clarifying legal and business requirements for foreign investors. He noted the current challenges in navigating the system, with many individuals unsure about whom to consult for necessary approvals.
While tourism, construction, and infrastructure remain key areas of interest, Smirk believes Fiji can offer even more to Australian investors. He urged for engagement from Australian retailers and distributors, suggesting ventures that could improve local market access and establish necessary infrastructure, such as cold storage and regular shipping channels.
Additionally, he called for Australian agricultural firms to consider investing in agricultural production, infrastructure, and training, emphasizing the importance of developing local talent in Fiji.
Smirk also highlighted potential for high-end fashion production in Fiji, suggesting a model that combines design from Australia with local production and distribution capabilities. He advocated for modern manufacturing practices and the training of skilled Fijians to maintain high standards.
Ultimately, Smirk reiterated that the success of these opportunities relies on establishing a simplified and effective investment approval system. He believes that addressing these fundamental challenges could pave the way for increased foreign investment in Fiji.