Reforms to market Fiji as investment destination
July 9, 2020 4:35 pm
Trade and Tourism Minister Faiyaz Koya [middle] reopening of TOTAL’s renovated service station in Lautoka. [Source: Youtube]
Several reforms are being carried out by the Government to redirect its focus on marketing Fiji as a destination for targeted investment.
Trade and Tourism Minister Faiyaz Koya highlighted this during the reopening of TOTAL’s renovated service station in Lautoka today.
Koya says the Foreign Investment Act is under review and the new act will streamline a number of processes, eliminate the difference between the domestic and foreign investors.
The Trade Minister says due to the impacts of COVID-19, some businesses have either closed or put investment plans on hold.
He says it is encouraging to see TOTAL continuing to invest in its brand and its people.
He says this project is part of TOTAL’s $8 million investment package that they plan to roll out over the next few months.
“This investment is very timely, given that the Fijian Government is currently undertaking a number of reforms, which includes of the review of current Foreign Investment Act. The new “Investment Act” once in place will allow for streamlining of a number of processes, eliminate the difference between the domestic and foreign investors and accords internationally recognized rights such as the Most Favored Nation and the National Treatment”.
Koya adds the refurbishment will strengthen TOTAL’s network identity with a strong interrelation to safety, installations that are environmentally sound and sales outlets that are more tasteful, blending harmoniously into the environment.
He adds the centralized “bizFIJI” portal will provide investors, both local and foreign, information on Starting a Business and Obtaining Construction Permits.
Meanwhile, the employees of TOTAL also contributed $14,631 from their salaries to the COVID-19 Response Fund.