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CARIBBEAN & PACIFIC ISLAND COUNTRIES INVESTMENT POLICIES

CARIBBEAN & PACIFIC ISLAND COUNTRIES INVESTMENT POLICIES. XIAMEN INTERNATIONAL CONFERENCE & EXHIBITION September 9 th ,2006. General Overview of the South Pacific Island Countries. Presenter: Mr. Taito Waradi – President of the Fiji Chamber of Commerce and Industry. Introduction.

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CARIBBEAN & PACIFIC ISLAND COUNTRIES INVESTMENT POLICIES

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  1. CARIBBEAN & PACIFIC ISLAND COUNTRIES INVESTMENT POLICIES XIAMEN INTERNATIONAL CONFERENCE & EXHIBITION September 9th,2006 General Overview of the South Pacific Island Countries Presenter: Mr. Taito Waradi – President of the Fiji Chamber of Commerce and Industry

  2. Introduction • Main focus of the presentation – Cook Is, Fiji, Micronesia, PNG and Samoa • The Pacific is a services oriented economy • Island type – mainly coral & volcanic islands • Major division – Melanesian, Micronesian and Polynesian • Land mass – 4.1sq km – 21sq km (000’s) • Pacific islands countries are still very young nations & can be expected to learn and adapt from time

  3. Economic Statistics • Population – 20 thousand – 5,800 thousand • GDP per persons (US$) – 695 - 7549 • Literacy rate (2004 est.) – 57% - 99% • Bureau of Statistics contact Fiji - www.statsfiji.gov.fj or www.ftib.org.fj Samoa - www.mof.gov.ws FSM - www.fsminvest.fm Cook Is – www.cookislandsstats.com • Detailed data is available in the country fact sheet

  4. Resources • Melanesia (Fiji & PNG) - mineral, mining, forestry, oil deposits, agriculture, fisheries and aquaculture & tourism • Polynesia (Cook Is & Samoa) - agriculture,fisheries and aquaculture & tourism • Micronesia (FSM) - fisheries

  5. Investment environment • Developing infrastructure/High cost • Developing financial market • Reforming legal and regulatory systems • Reforming state-owned enterprises • Working with the private sector to build dialogue & capacity

  6. Incentives • Sector focused – (tourism,resource based industries) • Emerging industries – AVC, BPO, • Potential exists in the value adding in agricultural products, fisheries, tourism and wood manufacturing sector • Tax exemption on raw materials • Low corporate tax rate • Investment allowance • Government policy conducive to investment • Private sector investment drives economic growth

  7. Economic Policies • Pacific plan to strengthen regional cooperation and integration – October 2005 • Look North Policy • Pacific 2020 (published in May 2006) • Establishment of IT Park in Fiji

  8. Success Investment Stories

  9. Challenges • High transportation cost • Remoteness/Market size • Unemployment • Geographical location/remoteness • Market access • Investment – Implementation period

  10. Delivery methods • Trade regimes – 4 components - Bilateral Trade agreement - Melanesian Spearhead Group (MSG) trade agreement - PICTA/PACER - Multilateral • Look North Policy • PIPSO • FCCI/CCPIT (M.O.U) • Fiji China Business Council being established in Fiji

  11. THANK YOU E-mail - waradit@yahoo.com (Fiji) - belinda.filo@mcil.gov.ws (Samoa) - tourfm@yahoo.com (FSM) - sylviatgeorge@cidib.gov.ck (Cook Is) - yavey@ipagov.pg (PNG)

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