Minister for Industry and Trade Faiyaz Koya. [Source: Fijian Government]

The British American Tobacco which employs over 130 staff and supports over 600 farmers opened its new Bonded Warehouse in Suva yesterday.

Despite the challenges presented by the COVID-19 pandemic, a 16-month long wait has materialized for the company.

Minister for Industry and Trade Faiyaz Koya says the new warehouse will provide storage space for products before they are released into the domestic and export markets.

“Not only do bonded warehouses provide safety and security, but also enable the payment of VAT and duties on goods to be deferred until they are removed – allowing businesses to save money in the long run. This $1.3 million was undertaken by BAT to optimize warehouse execution.”

Koya says this will further optimize the processes of preparing stock for export and enable the payment of VAT and duties on goods to be deferred until they are removed.

This will allow businesses to save money in the long run.

“So far, more than $10 million has been invested in the Nabua factory from 2011 to 2014. A further capital investment of over $8 million has been invested in the GLT factory in Nadi, with an additional investment of $4 million projected for 2020.”

The company has a rich history of being in operation in Fiji for over 60-years supporting local economy.