Address By The Minister For Commerce, Trade, Tourism And Transport, Hon. Faiyaz Siddiq Koya

Address By The Minister For Commerce, Trade, Tourism And Transport, Hon. Faiyaz Siddiq Koya

20 Jun, 2022

New Zealand-Fiji Business Council: Business Mission 2022

THEME: ENABLING TRADE RECOVERY

H.E Charlotte Darlow, New Zealand High Commissioner to Fiji;

Mr Chandar Sen, President of the New Zealand-Fiji Business Council;

Mr Ariff Ali, Governor of the Reserve Bank of Fiji;

Mr Kamal Chetty, CEO Investment Fiji;

Mr David Dewar, New Zealand Trade Commissioner to Fiji;

Ladies and Gentlemen;

Bula Vinaka and a very warm welcome to you all.

It is indeed a pleasure to be with you all today, considering that this is the first in-person Mission from New Zealand to Fiji since 2019, and I thank you all for making today possible.

This occasion is special as it further represents the 'normalcy' that we have been striving to achieve post-COVID. And the theme "Enabling Trade Recovery", very aptly depicts a continuance of the optimistic future ahead of us.

I also acknowledge and extend my appreciation to the respective speakers for their valuable contribution earlier and later in the programme. I am sure this has set the pace for all the key points of discussion for the event.

Ladies and Gentlemen,

The COVID-19 pandemic has impacted the global economy like no other. And we would all agree that our economies have been adversely impacted in some way.

As a Pacific Whānau (fa-nau), we have shared our own series of highs and lows over the last two years. Our continued perseverance is a testament to the strong relation that both our nation's proudly share.

New Zealand continues to remain one of our largest trading partners. Prior to the pandemic, our total two way trade was worth $898.07 million. Fiji exports to New Zealand were worth $162 million, largely underpinned by exports of fresh produce, pharmaceutical products and garments. Fiji is also New Zealand's largest trading partner across the Pacific Islands and the only country in the region to be amongst its top 20 trading partners.

On the Tourism front, New Zealand was Fiji's second largest tourist market and one of the fastest growing sources of international arrivals with over 200,000 Kiwis visiting Fiji in 2019.

Inevitably, the pandemic had resulted in a decline in our two-way trade by 9.37 percent, reducing to $813.90 million in 2021. Consequently, tourist arrivals and earnings in 2021, compared to 2019 pre-pandemic levels declined significantly. Visitor arrivals declined by 97.9 percent to 532 visitors, and tourism earnings declined by 91.22 percent to $0.4 million, respectively.

However, I am confident that there are opportunities to further secure our country's economic future by means of enhancing our trade and investment relations. Similarly, we look forward to getting our tourism numbers back on track, as both Fiji and New Zealand continue to remove the travel restrictions. So far we have received 19,169 Kiwis since the opening of borders by the New Zealand Government in April.

The recent appointment of our new Trade Commissioner to New Zealand and Australia, Mr Daniel Stow, has demonstrated our commitment to better leverage trade and economic opportunities. Our officer in charge, Ms Camila Eiras, in Auckland has also been tasked to refocus and recognise our trade with New Zealand under the guidance of Mr Stow and the Permanent Secretary.

Ladies and Gentlemen,

We would all agree that much of our economic recovery stems from our effective health response in gradually transitioning from an immediate crisis management to the implementation of recovery.

Till date, 95 percent of our eligible population is fully vaccinated, and this would not have been possible if key partners such as New Zealand did not step in during our time of need. So thank you once again.

Ladies and Gentlemen,

The pandemic has also led many economies around the world to rethink economic strategies. And it has been nothing short of an impetus for transformative evolution.

We have seen the strong emergence of digital trade and E-commerce being a global market playing field for businesses of all nature and sizes to survive through-and thrive past-the COVID crisis.

Aside from being a trading hub of the Pacific, we strive towards becoming an investment destination of choice. This is evident as the Fijian Government is committed to implementing legislative, regulatory procedural reforms by streamlining processes whilst adapting to digital technology.

This is evident with the recent establishment of the Investment Act 2021, Investment Fiji Act 2022. Work continues in the development of an online integrated application portal for investors. Meanwhile, you all can catch a glimpse on www.bizfiji.com

As you would be aware there are numerous business opportunities and investment incentives available in areas such as ICT, manufacturing, BPO, green energy, health, agriculture, to name a few.

I am certain that the insightful session on "Investing Opportunities in Fiji" will attract Kiwi investors to consider Fiji as their first choice for investment.

Ladies and Gentlemen,

This Business Mission signifies the strong foundation of our relationship and our ambition to take our economic relations even further.

Reflecting on the present global situation, it is pivotal that trade and investment be a central pillar in our shared global recovery while we strive for a greener, more inclusive and more resilient future for Fiji and New Zealand, which has been framed as the "Duavata Partnership". This means we are together and one as partners, with shared commitment to bring prosperity to our people.

With these few words, I wish you all an impactful and successful engagement ahead.

Vinaka Vakalevu and thank you very much.

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