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Country Presentation -Fiji

Country Presentation -Fiji. Shaveen Lata : S02007570 Seema Shalini : S02010042 Irene Chandra : S94002991 Mukhtar Ahmed : S97007874. PRESENTATION OUTLINE. SWOT Analysis of Fiji Economy Ease of Doing Business in Fiji Tourism Industry Future Investment and Growth In Tourism

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Country Presentation -Fiji

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  1. Country Presentation -Fiji • Shaveen Lata : S02007570 • Seema Shalini : S02010042 • Irene Chandra : S94002991 • Mukhtar Ahmed : S97007874

  2. PRESENTATION OUTLINE • SWOT Analysis of Fiji Economy • Ease of Doing Business in Fiji • Tourism Industry • Future Investment and Growth In Tourism • Upcoming Sustainable Project • Government’s Role in Ecotourism • Pillars of Sustainable Tourism • Recommendations • References

  3. Strengths

  4. Weakness

  5. Opportunities

  6. Threats

  7. EASE OF DOING BUSINESS IN FIJITop quartile for getting credit and protecting investors!

  8. Tourism Environment Analysis

  9. FUTURE INVESTMENT AND GROWTH IN TOURISM

  10. Pillars of Sustainable Tourism • REDUCE / REUSE / RECYCLE/ REPLACE...

  11. Upcoming Sustainable Project

  12. Government’s Role in Ecotourism

  13. References • ANZ RESEARCH, PACIFIC QUARTERLY, 16 MAY 2011 • Pacific Economic Monitor, July 2011 • Pacific Economy Survey, Commonwealth of Austraila, 2009 • Fiji GDP Update 2010, Fiji Island Bureau of Statistic • UNESCAP, Report 2011 • Fiji Tourism Industry, A SWOT Anaylsis by Paresh Kumar Narayan, Volume 2, December 2000. • Reserve Bank of Fiji (various issues). Reserve Bank of Fiji Quarterly. • Chiang, L.C. (1999). Strategies for sustainable visitor growth: A case study. The Journal of Tourism Studies, 10(1),18-24

  14. Appendix- Fiji Economy Related Stats. • Country SWOT • Fiji Tourism SWOT • Statistics Related to Fiji Economy

  15. Country SWOT Strengths Weakness Threats Opportunities:

  16. SWOT Analysis of Fiji Tourism

  17. Domestic growth erratic over the yearsGDP outlook is looking more promising

  18. TRADING PARTNERS’ OUTLOOK • Source: IMF World Economic Outlook –April 2011 • Positive Outturn in Trading Partner Countries • - Despite Natural Disasters still Positives for Fiji in Trade, Tourism

  19. Inflation is a concern but expected to ease

  20. Trade & Current account deficits improved

  21. Foreign reserves comfortable

  22. But Private Sector activity is weak

  23. EASE OF DOING BUSINESS Total Number of Countries – 183 Source: Doing Business 2011, The World Bank

  24. EASE OF DOING BUSINESS IN FIJITop quartile for getting credit and protecting investors!

  25. IMPEDIMENTS TO INVESTMENT • Major Impediments found: in no particular order of priority • Government policy uncertainty • Red tape and bureaucracy • General economic climate • Finding skilled labour • Political situation • Law and order issues • Lack of infrastructure • High Utility costs (eg. water and electricity) • Land tenure instability

  26. SWOT Analysis - Fiji Strengths • Attracts niche markets• High literacy rate • Diverse Population • Friendly and welcoming. people • Multicultural society • National air carrier • Overseas Financial support and investment • Numerous established industries • Fertile Lands• wide range of hotels & resorts• Strong awareness of Fiji around the world. • Educational hub for the Pacific • “crossroads” of the Pacific. • Strong indigenous culture-indigenous Fijians • Ecosystem and Species diversity

  27. SWOT Analysis - Fiji Weaknesses • Political instability and security • Health risks and problems• Infrastructure • Pollution • Natural disaster • Geographic Distance

  28. SWOT Analysis - Fiji Opportunities • Product diversification • Increase the “stop over” market • Exploit Asian market.• Incentives for the film and television industry. • Heritage and colonial tourism • Increased festivals “inter island hopper pass” •unexplored Islands ; More ecotourism orientated • Niche markets such as MICE, business traveler • Mature/seniors market • Adventure tourism • Community based cultural tourism• Cheap real estate

  29. SWOT Analysis - Fiji Threats • • Major business comes from Australia and NZ • General civil unrest and racial tensions. • Land ownership issues. • Increased gas prices . • Ecologial issues • Climate change • Heightened air travel security • Other emerging destinations. • reliance on foreign aid • Natural disasters/weather/typhoons • Loss of intellectual capital from emigration leakages • Developed tourism can lead to inflation • Influx of tourism can lead to demonstration effect on small islands

  30. Fiji Economic Update - • Economy - overview • Fiji, endowed with forest, mineral, and fish resources, is one of the most developed of the Pacific island economies though still with a large subsistence sector. Sugar exports, remittances from Fijians working abroad, and a growing tourist industry - with 400,000 to 500,000 tourists annually - are the major sources of foreign exchange. Fiji's sugar has special access to European Union markets but will be harmed by the EU's decision to cut sugar subsidies. Sugar processing makes up one-third of industrial activity but is not efficient. Fiji's tourism industry was damaged by the December 2006 coup and is facing an uncertain recovery time. In 2007 tourist arrivals were down almost 6%, with substantial job losses in the service sector, and GDP dipped. The coup has created a difficult business climate. The EU has suspended all aid until the interim government takes steps toward new elections. Long-term problems include low investment, uncertain land ownership rights, and the government's inability to manage its budget. Overseas remittances from Fijians working in Kuwait and Iraq have decreased significantly. Fiji's current account deficit reached 23% of GDP in 2006. • GDP (purchasing power parity) • $3.869 billion (2010 est.) $3.864 billion (2009 est.) $3.983 billion (2008 est.) note: data are in 2010 US dollars • GDP (official exchange rate) • $3.131 billion (2010 est.) • GDP - real growth rate • 0.1% (2010 est.) -3% (2009 est.) -0.1% (2008 est.) • GDP - per capita (PPP) • $4,400 (2010 est.) $4,400 (2009 est.) $4,600 (2008 est.) note: data are in 2010 US dollars

  31. Fiji Economic Update – Continued (1) • GDP - composition by sector • agriculture: 16.1% industry: 24.4% services: 59.5% (2010 est.) • Population below poverty line • 25.5% (FY90/91) • Labor force • 335,000 (2007 est.) • Labor force - by occupation • agriculture: 70% industry and services: 30% (2001 est.) • Unemployment rate • 7.6% (1999) • Household income or consumption by percentage share • lowest 10%: NA% highest 10%: NA% • Budget • revenues: $782.1 million expenditures: $886.3 million (2010 est.) • Taxes and other revenues • 25% of GDP (2010 est.) • Budget surplus (+) or deficit (-) • -3.3% of GDP (2010 est.)

  32. Fiji Economic Update – Continued (2) • Inflation rate (consumer prices) • 5.1% (2010 est.) • Central bank discount rate • 3% (31 December 2009) 6.32% (31 December 2008) • Commercial bank prime lending rate • 7.5% (31 December 2010 est.) 7.9% (31 December 2009 est.) • Stock of narrow money • $748 million (31 December 2008) $1.042 billion (31 December 2007) • Stock of money • $738.6 million (31 December 2008) $1.042 billion (31 December 2007) • Stock of quasi money • $1.012 billion (31 December 2008) $1.088 billion (31 December 2007) • Stock of broad money • $1.88 billion (31 December 2008) $1.741 billion • Stock of domestic credit • $1.789 billion (31 December 2010 est.) $1.737 billion (31 December 2009 est.)

  33. Fiji Economic Update (Continued (3) • Market value of publicly traded shares • $NA (31 December 2010) $1.607 billion (31 December 2009) $568.2 million (31 December 2008) • Agriculture - products • sugarcane, coconuts, cassava (tapioca), rice, sweet potatoes, bananas; cattle, pigs, horses, goats; fish • Industries • tourism, sugar, clothing, copra, gold, silver, lumber, small cottage industries • Industrial production growth rate • NA% • Electricity - production • 970 million kWh (2009 est.) • Electricity - production by source • fossil fuel: 18.5% hydro: 81.5% nuclear: 0% other: 0% (2001) • Electricity - consumption • 865.8 million kWh (2008 est.) • Electricity - exports • 0 kWh (2009 est.)

  34. Fiji Economic Update – (Continued (4) • Electricity - imports • 0 kWh (2009 est.) • Oil - production • 0 bbl/day (2010 est.) • Oil - consumption • 15,000 bbl/day (2010 est.) • Oil - exports • 1,857 bbl/day (2009 est.) • Oil - imports • 18,850 bbl/day (2009 est.) • Oil - proved reserves • 0 bbl (1 January 2011 est.) • Natural gas - production • 0 cu m (2009 est.) • Natural gas - consumption • 0 cu m (2009 est.) • Natural gas - exports • 0 cu m (2009 est.) • Natural gas - imports • 0 cu m (2009 est.) • Natural gas - proved reserves • 0 cu m (1 January 2011 est.)

  35. Fiji Economic Update – Continued (5) • Current Account Balance • -$507 million (2007 est.) -$237.8 million (2009 est.) • Exports • $625.3 million (2009 est.) $1.202 billion (2006) • Exports - commodities • sugar, garments, gold, timber, fish, molasses, coconut oil • Exports - partners • US 15.7%, Australia 14.6%, Japan 6.1%, Samoa 5.7%, Tonga 5% (2010) • Imports • $1.3 billion (2009 est.) $3.12 billion (2006) • Imports - commodities • manufactured goods, machinery and transport equipment, petroleum products, food, chemicals • Imports - partners • Singapore 31.1%, Australia 19.1%, NZ 15.1%, China 8.6% (2010) • Reserves of foreign exchange and gold • $567.3 million (31 December 2009 est.) • Debt - external • $127 million (2004 est.) • Stock of direct foreign investment - at home • $NA • Stock of direct foreign investment - abroad • $NA • Exchange rates • Fijian dollars (FJD) per US dollar - NA (2007) 1.7313 (2006) 1.691 (2005) 1.7331 (2004) 1.8958 (2003)

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