Government of the Republic of Fiji
Ministry of Foreign Affairs
A Better Fiji through Excellence in Foreign Service
23 November 2012: A group of Korea investors currently in Fiji on a feasibility study have expressed their commit ment to establishing businesses in Fiji. Led by Fiji’s Ambassador to the Republic of Korea (ROK) His Excellency Filimone Kau, the investors agree that Fiji holds a lot of potential.
“It has been a good outing so far. They agree that there is a lot of potential here and should the fe asibility study prove that investment is feasible, they stand r eady to set up businesses here,” he said.
Accordingly, Ambassador Kau has called for a stronger and a more efficient approval process to allow for quicker approvals.
While systems are already in place, he says more could be done to ensure that processes are streamlined and that a whole-of-government approach is guara nteed as this is
critical in attracting investors to Fiji.
“Several investors have already expressed interest in the areas of renewable energy, infrastructure and tourism,” he said.
The tour was borne out of the Fiji/Korea Investment Seminar held on October 9 to commemorate Fiji’s National Day.
According to Ambassador Kau, Fiji wil l do well to take advantage of the opportunity to fully engage with the ROK investors and supporting them to find a niche in Fiji.
“The key target for our mission is to look at opportunities in the area of trade, investment and tou rism. These are two major areas we believe is going to provide tangible development benefits for Fiji and is als o one of the major objectives of Fiji’s foreign policy and the establishment of missions abroad,” Ambassador Kau said.
“For our own establishment at the Fiji E mbassy Seoul, we’re looking at bringing in million dollar investments through companies that are willing to do investment or set up investment companies in Fiji. Also through Overseas Development Assistance (ODA) particularly those that are offered by Korea through bilateral ODA agencies, the Korea International Cooperation Agency (KOICA) and also some through the climate change funding facility via the Global Green Growth Institute and now the newly established unit the United Nations Climate Change Fund.”
With the current Korea economic boom and particularly the high development rate, Ambassador Kau hopes to ensure there is a flow of direct investment from Korea to Fiji.
“The Republic of Korea, as a newly emerging strong economy, is adopting an expansionary approach in its foreign policy. Its local investors are being encouraged and supported to deepen relations through trade and investment and socio economic partnership programmes abroad in friendly nations,” he said.
Ambassador Kau and the group of investors also made a courtesy call to His Excellency the President Ratu Epeli Nailaitikau.
H.E President Nailatikau acknowledged the group for their faith in Fiji and said he was encouraged by their level of investment interest. He wished the group well in their endeavor to foster investor relations with Fiji.
While in the country, Ambassador Kau will also discuss investment novelties with FNPF CEO Mr. Aisake Taito comprising medical facilities and land development.
“FNPF has a very serious interest in Korea particularly in broadening their investment base. Right now overseas countries see Korea as a serious potential investment area. FNPF is targeting establishing a health facility that caters for Asian tourists and of Asian flavor, but more of the sophisticated and advanced very specialized medical facilities,” he said.
“They also want to utilize the land development in Natadola and Momi. They are looking at Korean second homes interest particularly from retired Korean business people and veterans that can come in and take advantage of the land developments at FNPF which has already been undertaken. For Koreans, they love their golf, recreation and taking advantage of the good Fiji weather.”
Ambassador Kau hopes to see the finalization of investors willing to invest in Fiji and targets USD$100k – 150k worth of investments coming in from Korea by the end of 2012
The group was later hosted to lunch by the Minister for Foreign Affairs and International Cooperation, Ratu Inoke Kubuabola.
Ministry of Foreign Affairs P. O. Box 2220 Government Buildings Suva, Fiji