Changes to Foreign Investment Regulation 2008

The Fiji Trades and Investment Board had a Road Show on Monday, 16 February 2009 at the Southern Cross Hotel, Suva. The aim of this Road Show was to announce the current changes to the Foreign Investment Regulations 2008. As of Friday, 16 January 2009, FTIB had de-reserved 4 activities that were previously listed as reserved activities and reduced the minimum investment thresholds for certain restricted activities.
The 4 de-reserved activities are:

• Bus Business
• Sightseeing tours, travel agent and tourist guide services
• An office service business
• Forestry (plant management & logging)

These 4 de-reserved activities now come under ‘Other Activities’ in the Restricted List of the Fiji Investment Regulation 2009 and will require at least F$250,000.00 in owners contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period of the business.

2009 Restricted List and the Minimum Investment Thresholds

Fishing
· At least 30% equity held by a local and the Foreign investor must have at least F$500,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period

Forestry (Plant management & logging)
· A foreign investor must undertake value adding and must have at least F$500,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period

Manufacturing
· Tobacco production
o A foreign investor must use at least 75% locally grown and processed tobacco in all domestic cigarette production and must have at least F$500,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period

Tourism
· Cultural heritage
o Any activity involving investment in the cultural heritage of the Fiji Islands must have at least F$500,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period

Service
· Real Estate Management
o A foreign investor engaging in real estate management and real estate agents must have at least F$1 million in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period
o A foreign investor engaging in the above real estate management activities needs to be certified under the Real Estate Agents Act
o A foreign investor engaging in real estate activity in renting out of homes/villas/ apartment/bures to tourists must have at least F$250,000.00 in owners contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period.

· Real Estate Development
o A foreign investor engaging in real estate development must have at least F$5 million owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period

· Construction
o A foreign investor engaging in the construction industry must have at least F$1 million in owner’s contribution or paid up capital in the form of cash from the operational date to be fully brought into Fiji within the implementation period


· Earthmoving Business
o A foreign investor engaging in earthmoving business must have at least F$1 million in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period


· Island-Island Shipping and Passenger-Service (exclusive of tourism support services)
o A foreign investor engaging in inter island shipping and passenger service must have at least F$500,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period.

Other Activities
Other than those activities listed under the Reserved and Restricted List, all other activities requires at least F$250,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period of the business.

The definition of ‘Reserved Activities’ under the 2009 Foreign Investment Regulations refers to those activities that are prescribed for Fiji Citizens only. For the purpose of Section 5 of the Act, the following Activities are prescribed:

• A milk bar or cafeteria business;
• A taxi business;
• A kava business;
• Retail sale via stalls and markets;
• A handicraft business;
• Tailor shops;
• Repair of personal and household goods;
• A plumbing business;
• An electrical business;
• Plant nursery and care;
• A day care centre;
• An internet café and amusement and gaming centres;
• Home-stay lodging services;
• A bakery business other than those operated within the vicinity of a hotel/resort and/or operated by foreign owned hotels/resorts;
• Backpacker operations;
• A nightclub, other than those operated within the vicinity of a hotel/resort and/or operated by foreign owned hotels/resorts; and
• A liquor bar, other than those operated within the vicinity of a hotel/resort and/or operated by foreign owned hotels/resorts.

The definition of ‘Restricted Activities’ under the 2009 Foreign Investment Regulations refers to those activities with conditions which must be met by foreign investors who wish to pursue them. These conditions include a minimum owner’s contribution or paid up capital in the form of cash to be brought into Fiji within the implementation period plus specific requirements depending on the activity of the foreign investor.

For Instance:

1. Fishing Activity – At least 30% equity held by a local and the foreign investor must have at least F$500,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period
2. Forestry (Plant management & logging) - A foreign investor must undertake value adding and must have at least F$500,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period
3. Manufacturing (Tobacco production) - A foreign investor must use at least 75% locally grown and processed tobacco in all domestic cigarette production and must have at least F$500,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period
4. Tourism (Cultural heritage) - Any activity involving investment in the cultural heritage of the Fiji Islands must have at least F$500,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period
5. Service
   · Real Estate Management -
   o A foreign investor engaging in real estate management and real estate agents must have at least F$1 million in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period
   o A foreign investor engaging in the above real estate management activities needs to be certified under the Real Estate Agents Act
   o A foreign investor engaging in real estate activity in renting out of homes/villas/ apartment/bures to tourists must have at least F$250,000.00 in owners contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period.
   
   · Real Estate Development
   o A foreign investor engaging in real estate development must have at least F$5 million owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period
   
   · Construction
   o A foreign investor engaging in the construction industry must have at least F$1 million in owner’s contribution or paid up capital in the form of cash from the operational date to be fully brought into Fiji within the implementation period
   
   
   · Earthmoving Business
   o A foreign investor engaging in earthmoving business must have at least F$1 million in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period
   
   
   · Island-Island Shipping and Passenger-Service (exclusive of tourism support services)
   o A foreign investor engaging in inter island shipping and passenger service must have at least F$500,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date to be fully brought into Fiji within the implementation period.
6. Other Activities - other than those activities listed under the Reserved and Restricted List, all other activities requires at least F$250,000.00 in owner’s contribution or paid up capital for companies in the form of cash from the operational date, to be fully brought into Fiji within the implementation period of the business.

Note : For investment advice and assistance to set up business in Fiji, pls contact our company, Gilbert & Samuels Company Limited, on telephones (679) 3342719 or 3544897 or email info@gilbert.com.fj.

Does yachting have a future in Fiji?

Yachting can provide a lucrative foreign exchange earner to Fiji if the proper policies and regulations are put in place by Government and interested stakeholders. Owners of yachts are people of wealth who, apart from providing tax and other revenues to Fiji when they berth at one of our marinas, can also attract other wealthy acquaintances to visit the country by word-of-mouth advertising.

It is therefore essential that the right infrastructure and policies are in place to attract this target market.

Read related articles below taken from the Fiji Times.


"Marina planned for Mamanuca, Tuesday, January 22, 2008

An Australian investor plans to construct a multi-million dollar yachting facility to further develop the fastest growing segment of Fiji tourism.

Bill Bennett, the director of Amanuca Resort on Tokoriki Island believes Fiji has the potential to become one of the world's leading yachting destinations.

Mr Bennett, who has already constructed a 300 room four-star resort on the island believes the yachting facility could become the Mamanuca group's newest "craze."

"I have very big plans for Amanuca Island Resort and this includes a yachting facility. The deep-water marina that I plan to build on the island would be able to cater for 150 crafts and will also have a bunkering facility."

"During the construction phase of the resort, I spent more than $1.3 million on local labour and I plan to spend more while constructing the yachting facility," he said.

Mr Bennett said he "fell in love" with Fiji and completely confident of its potential when he first visited in 2003.

Mr Bennett and his family returned a year later, secured the property on Tokoriki Island and began construction of the resort. The resort opened for business early last year.

But while Mr Bennett plans to pump millions of dollars into the local economy, he is wary of new regulations reducing the length of stay for yachties from six months to three.

Mr Bennett said the reduced period compared to the six months offered by previous governments would see yacht owners travelling to neighbouring countries like Samoa, Tonga, Vanuatu, New Zealand and Australia.

He said such decisions would make it very hard for Fiji's yachting industry to grow."


"State firm on yacht policy, Tuesday, January 22, 2008

The interim Government remains firm in its stand to restrict yachts from staying longer than three to six months in the country as it continues to investigate drug smuggling and prostitution allegations.

In a statement yesterday interim Finance Minister Mahendra Chaudhry said the Fiji Islands Revenue and Customs Authority was forced to revise its policy on visiting yachts because the system was being grossly abused by people who were not genuine tourists.

Mr Chaudhry said Fiji was losing millions of dollars in duty from people who were abusing the system for their own interests.

Savusavu Yacht Club director Geoff Taylor earlier lashed out at the interim Government for restricting yachters from staying more than three months and according to Mr Taylor this had greatly affected tourism and Savusavu.

Mr Chaudhry said duty- free entry of yachts only applied to those bona fide tourists who were allowed a three-month permit which could also be extended to another three months.

"A total of six months in the country is more than sufficient," said Mr ChaudhryPeople come and park their yachts here for months at a time, they do business in Fiji, own residences and use Fiji as a duty-free base to fly out and do business elsewhere," he said.

Mr Chaudhry said yachts were becoming a highly suspected source for drug peddling, smuggling of contraband goods and even endangered species of flora and fauna, and prostitution.

"I expect marina owners here to understand why policy changes are being initiated," he said.

Meanwhile the Fiji Tourism Resource Owners Association feels the longer the yachties stay in the country, the better it will be for everyone especially those whose livelihood depended on yachts.

The association is concerned with the new policy directive issued by the interim Government to restrict yachties to only three months stay in the country, saying it was detrimental to the people there.

Association secretary Meli Bogileka said the livelihood of most islanders especially those in the Yasawa Group would be affected.

Several marina developers have expressed disappointment at the reduced stay, saying it would affect the viability of their ventures.

Vuda Marina in Nadi has confirmed putting on hold a multi-million project after the announcement of the reduced length of stay."

2008 Fiji National Budget

The 2008 National Budget was delivered by the Minister of Finance on Friday, 23 November 2007. The Budget has some very favourable aspects that help with those running businesses or intending to set up businesses in Fiji. For a copy of the Budget, you can subscribe to our fijisale Yahoo Group and look under the Files section of the Group. A copy of the 2007 Revised Budget is also there for comparison. To subscribe to our Yahoo Group, just enter your e-mail address in the form at the top of this blog and click on the "Join Now!" button.

Fiji ranked 36th best in terms of ease of doing business

Fiji has been ranked 36th in a list of 178 countries around the world in terms of ease of doing business. The rankings were done by the World Bank and is published in its report - Doing Business 2008.

Fiji's ranking has fallen slightly from 31st, however, it remains as the best in the Pacific region.

The rankings are based on 10 indicators of business regulation that tracked the time and cost of meeting government requirements in business start-up, operation, trade, taxation and closure. These indicators include both economic and social factors.

The World Bank report also found that equity returns are highest in countries that are reforming the most.

The rankings do not reflect such areas as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions or crime rates.

For information on obtaining licences for setting up business in Fiji, pls refer to the Fiji Islands Trade and Investment Bureau website on http://www.ftib.org.fj/.

Fiji's mining sector has potential

Fiji's mining sector has potential for further development.

Read more in an article taken from the Fiji Times, Saturday, 11 August 2007, below.



"Probert highlights mining potential, Saturday, August 11, 2007

Fiji has the potential to further develop its mining sector, says Fiji Employers Federation official, Harvie Probert.

Mr Probert, who is chairman of the federation's mining and quarrying council, was speaking after a meeting of the combined councils of the FEF in Suva this week.

He said there was a lack of appreciation of the mining industry and its contribution to the economy.

He said two leases were issued for gold mining in Fiji one for Asia Pacific Resources and the other to Emperor Gold Mines in Vatukoula.

Mr Probert also highlighted Australian company Newcrest Mining Ltd's deal last month to take a majority stake in the Namosi gold mine.

Newcrest executive officer corporate, Daryl Corp said the company decided to enter into the project because the Namosi tenement was a highly prospective large copper-gold porphyry mineralised system to which Newcrest's deep drilling and exploration expertise would be applied.

"The immediate work program for Namosi will include concept level studies centered on previously identified mineralisation at Waisoi as well as testing possible depth extensions of the Waisoi mineralisation," said Mr Corp.

"Initial emphasis of the regional exploration activities will focus on the more than 15 significant copper and gold prospects already identified during reconnaissance level exploration within the broader Namosi tenement."

Meanwhile, Interim Mineral Resources Minister Tevita Vuibau said the interim Government would consider other companies interested in operating the Vatukoula gold mine.

Mr Vuibau said the interim Government was still in talks with Australian company Westech over the terms of a package to finalise the company's purchase of the Vatukoula mine.

The interim Government is calling for expressions of interest to operate the mine."

Expressions of Interest sought for operating Vatukoula Gold Mine

Government is seeking Expressions of Interest from companies to operate the Vatukoula gold mine.

Vatukoula ranks among the world's longest producing gold mines and hosts a JORC compliant, world-class gold resource in excess of 5 million ounces.

The mine will appeal to middle to top tier companies seeking maximum exposure to the prevailing gold prices and an immediate expansion of its resource base.

Gold at Vatukoula is largely refractory and is associated with telluride minerals, accessory base metal sulphides and native silver. Free gold occurrences are limited.

The mine is linked by tar sealed road to Tavua town and all the way to Nadi International Airport.

Site facilities include a fleet of TORO LHDs, trackless jumbos, crushing, grinding, flotation, roaster and CIP circuits, two trailing dams, ancillary vehicles, an assay laboratory, stores, offices, a tennis club, golf course, an airstrip and staff housing.

In late 2005, the Vatukoula gold mine had prepared a schedule of capital and cash costs for ten years to 2015. Bulk of the capex was related to mining with development capex set at F$67 million out of a total of F$101 million.

The average cash cost was estimated at F$580/oz, against F$958/oz as the world spot price average.

For more details and technical issues, pls call The Director of Mines, Department of Lands and Mineral Resources, Private Mail Bag, Suva, Fiji on telephone (679) 3381611 extension 499.

Expressions of Interest are to be sent to The Director of Mines at the above mentioned address and will close on Friday, 31 August 2007, 4pm.

Fish exports to the US grows

Fiji exports to the US has continued to grow and has surpassed the US$1 million mark in April 2007.

Read more in an article reproduced from the Fiji Times below.


"Improved growth in fish export to US, Wednesday, August 01, 2007

Fiji's exports of fresh and frozen fish to the United States of America achieved a record in May, passing the $US1million ($F1.59m) mark for the first time to hit $US1.056m ($F1.68m).
This represented a 166 per cent increase over May, 2006, and a 6 per cent growth over April 2007.

Fiji Trade Commission Los Angeles office trade and marketing officer, Colin King said: "We have been pushing hard to open up new markets and expand existing ones for fresh and frozen fish here in the USA and we are pleased to note the good results achieved by this export industry.

This export product performed extremely well in the first five months of 2007, averaging a growth rate of 32 per cent per month and surpassing all records for the same period in the past five years."

He said this category of export included fresh or chilled reef fish (eg sabutu, kawakawa, ta, kawago), frozen deep-sea fish (eg walu, tuna, mahimahi), dried and smoked fish, vacuum packed fillets and live fish.

Mr King said the growth demonstrated the high and increasing demand for Fiji fish, not only by former Fiji residents, but by small US restaurants.

He said the challenge faced by this commodity was the local exporters' ability to maintain consistent and sustainable supplies to meet the US demands.

Trade Commissioner Ilisoni Vuidreketi said their export promotion strategy was to develop selected industries like fish and agro-produce that had high growth potential.

"We are delighted to see the steady growth of fresh fish, one of our important resource-based export industries, and we forecast that it will set a new annual record this year," he said.

Fiji's top three exports to the USA are tuna loins, Fiji Water and sugar. Fresh and frozen fish has now moved up, surpassing timber, to become the number four export to the USA."

More mobile telecommunications providers being sought

The Interim Government is looking for more mobile telecommunications providers to operate in Fiji.

The Government has expressed interest in issuing more licences to providers of mobile telecommunications to come in and provide services in Fiji.

Digicel, a Caribbean based company, has indicated interest in setting up operations in Fiji.

Currently, only Vodafone Fiji, a subsidiary of Amalgamated Telecom Holdings Limited, provides mobile services in the country.

VoIP Vandals

While the Fiji Government is contemplating the issue of licences to VoIP providers, here is an article taken from Forbes.com that tells likely users of some of the negative issues with regard to that service.


"VoIP Vandals, by Andy Greenberg

LAS VEGAS - Internet telephone services like Skype and Vonage are starting to look less like digital gimmicks and more like the next generation of voice communication. They're cheaper than traditional phone services and increasingly fast and reliable. But they may also be far more hackable.

Security professionals at the Black Hat conference in Las Vegas spent Wednesday outlining the exploitable vulnerabilities in voice over Internet protocol technology, or VoIP. In a series of presentations, they demonstrated ways in which cybercriminals can eavesdrop on VoIP calls, steal data from Internet telephony devices, intercept credit card numbers from VoIP connections and shut connections down altogether.

"VoIP is about convergence. The idea is that you save money and resources and time," said Barrie Dempster, a senior security consultant at Next Generation Security Software who made a presentation at the conference. "But convergent systems give you more avenues of attack, more ways in. It's not a secure environment."

Because VoIP connects telephone calls via the Internet, it shares the Internet's weaknesses, Dempster argued. Those include vulnerability to denial of service attacks, which overload servers with thousands of simultaneous requests for data, as well as basic hacking tactics like guessing the password of users who fail to change default settings.

Peter Thermos, chief technology officer of Palindrome Technologies, proved the point onstage: He played snippets of conversations recorded by snooping on VoIP calls, exploiting vulnerability in a common element in VoIP communications known as media gateway control protocol.

"Using this weakness in MGCP, you can do anything like reroute or tear down connections," He said. "But eavesdropping is especially scary."

Thermos also described an exploitable hole in ZRTP, one species of the VoIP language real-time transfer protocol: ZRTP encrypts all transmitted sounds, but not the numbers translated from tones. That means hackers can listen for credit card information communicated from touchtone phones.

Though the attacks on display were new, VoIP isn't: Internet telephony has existed since the early ’90s. But Dempster says its increasing adoption hasn't led to the patching of old bugs. In his presentation, he described how Asterisk, an open-source VoIP application, can be attacked using what he said was an "extremely basic" method known as a buffer overflow. "We point these problems out," he said, "But the lessons aren't being taken."

New mobile devices are also drawing attention to VoIP problems. Krishna Kurapati, founder and chief technology officer of Sipera Systems, demonstrated vulnerabilities of several Wi-Fi devices at Wednesday's presentations, crashing a Blackberry and a D-Link phone onstage by hacking their wireless Internet connections. He also simulated the theft of private data via VoIP from a laptop.

And VoIP attacks aren't just happening in onstage demonstrations; businesses are increasingly being hit. Several companies in the last year have been victims of "toll fraud," a scheme in which hackers break into a company's VoIP network and sell thousands of dollars worth of long-distance minutes.

Eric Winsborrow of Sipera Systems says that the wave of threats has been brought on by VoIP's new popularity in the business world as well as the technology's growing connection to the Internet at large, instead of smaller networks. He also points to plans at Microsoft (nasdaq: MSFT - news - people ) to introduce VoIP applications into upcoming software as a sign that the technology's security issues are reaching a tipping point.

"There's a perfect storm of more openness and mobility, more mainstream adoption, and new entrants into the industry," he says. "The table stakes are getting much bigger.""

Korean investors interested in Fiji

Investors from Korea have shown interest in setting up a bank and an alternative power generating venture in Fiji, according to the Ministry for Commerce.

Two companies, EZ Industries Corporation and Kyeryong Construction Company, have shown interest in alternative power generation from sugar and cassava. Korea has also shown interest in buying sugar from Fiji.

There has also been interest in other Fiji products including fish and fish products. Korea experiences shortage of fish and fish products, providing a potential export opportunity for Fiji fish.

A Korean bank has also indicated interest in setting up a banking/financial institution in Fiji to assist South Korean investors finance their projects in Fiji.

Kookmin Bank, hte largest bank in South Korea (based on asset value and market capitalisation), has indicated its interest in setting up business in Fiji.

More trade and investment missions abroad

Further to missions to China and United Arab Emirates, Fiji will be going to Venezuela in August to further discuss areas of trade and investment where both countries can benefit from. This follows earlier discussions Fiji has had with Venezuela and Cuba.

Mining exploration invitation

The Fiji Government is seeking expressions of interest from companies for the Tuvatu Exploration Project located at Nadi. The area covered totals 3,265 hectares. Written expressions of interest should be marked 'Confidential' and sent by Friday, 20 July 2007, to the following address :

• Expression of Interest
• The Director of Mines
• Mineral Resources Department
• Private Mail Bag
• SUVA

For more information, pls call Venasio Nasara on telephone (679) 3381611 extension 433.

Renewable energy projects to be funded

The World Bank will fund renewable energy electricity supplies for rural communities in Fiji. The Bank has approved US$9.5 million to fund renewable energy electricity supplies for rural areas in Papua New Guinea, Solomon Islands, Vanuatu, Fiji and Marshall Islands.

Fiji will get around US$2 million of the fund for its projects.

Telecommunications companies invest F$110 million

The telecommunications companies in Fiji, Amalgamated Telecom Holdings Limited (ATH) and Vodafone, will be investing a total of F$110 million on capital works in 2007.

Of that amount, ATH will be investing F$77 million to upgrade its telephone network to increase capacity and provide new services while Vodafone will spend F$33 million to upgrade its services in the rural areas.

Read more on the articles from the Fiji Times below.


"ATH invests $77million, Thursday, June 14, 2007

Amalgamated Telecom Holdings (ATH) intends to spend $77million in capital expenditure in the financial year ending March 31, 2008.

Group acting chief executive Tomasi Vakatora said this included $42.2m to be spent on upgrading and extending Telecom Fiji's national telephone network to increase capacity and accommodate new services, and improve internal processes.

"The planned capital expenditure of $77m is the largest investment by the ATH Group since its inauguration in late 1998," Mr Vakatora said.

About $33.1m has been allocated towards upgrading and extending Vodafone Fiji's cellular mobile telephone network.

"This is a clear sign of the group's commitment because it is in addition to $294.9m that has been spent on capital expenditure from the group's inauguration to the end of the last financial year ending March 31, 2007," he said.

Mr Vakatora earlier said the group's financial position remained sound and a good result was expected.

ATHs annual report is expected to be released by the end of June. ATH and its group of companies recorded an interim net after-tax profit of $21.3m for the half year ended September 30, 2006. "



"$33.1m for Vodafone upgrade, Friday, June 15, 2007

Vodafone is looking at investing $33.1million for the current financial year and upgrade its network concentrating more on rural areas.

Amalgamated Telecom Holdings acting chief executive Tomasi Vakatora said the company was looking forward to investing more on the infrastructure.

This was revealed at the commissioning of the Naigani island base station at Queen Victoria School in Tailevu last Saturday.

He said this would be an additional finance to the $148.4m on capital expenditure the company had invested on since it began operating in 1994.

The ATH group of which Vodafone Fiji is a very valuable member intends to spend a total of $76.8m in capital expenditure in the current financial year to March 31, 2008, Mr Vakatora said.

This amount includes the $33.1m commitment that I have just mentioned for Vodafone Fiji.
It will be in addition to $294.9m the ATH group has spent since its inauguration in late 1988, he said.

Mr Vakatora said this was a clear sign of the groups commitment to Fiji.

As Vodafone Fiji continues to widen coverage, it is also introducing additional services and reducing charges and there is still a lot more to come, he said. "

Fresh Prawn Aquaculture Training

The Institute of Marine Resources of the Faculty of Islands and Oceans, University of the South Pacific, is holding a Freshwater Prawn Aquaculture Training Program on Wednesday, 20 June, to Friday, 22 June 2007 at the Lower Campus, University of the South Pacific, Laucala Bay, Suva. The topics to be covered include :

• introduction to aquaculture;
• prawn status and biology;
• prawn diseases;
• hatchery operations;
• pond construction;
• pond management economic modelling.

Fees are F$500.00 per person and will include training materials, field trips, teas and lunches.

A consultancy service will be available as a follow up for those interested. This includes : farm visits, feasibility study, and farm design.

Post-larval prawns can be purchased from the University.

For more information and registration, pls contact Alan Resture on telephone (679) 3232940 or e-mail resture_a@usp.ac.fj.

Fiji Water demand grows

The demand for "FIJI Water", bottled and marketed by Natural Waters of Viti Limited, keeps growing. The company's biggest challenge is to meet the demand.

The company has continued to make significant investment in Fiji and will be opening its third line of production at its Yaqara facility shortly.

"FIJI Water" is bottled at source from an artesian well in the Yaqara range in the Nakauvadra mountains in the Ra Province on the Island of Viti Levu in Fiji.

The company, Natural Waters of Viti Limited, was first set up in 1996 and started its export of FIJI Water in 1997. It currently has about 200 employees.

FIJI Water is sold at a "premium price" through retail outlets in the USA, Canada, France, Australia, UK and other countries.

There are other areas of Fiji which have more better tasting water than that marketed as FIJI Water but whose water have not been bottled. Some of the landowners on whose land the water sources are have decided to hold back on their resource given the (over) supply in the market.

Note : For information of some of these "undiscovered" water sources, pls call on telephones (679) 3396427 and (679) 9921427 or e-mail gilbert@connect.com.fj.

Dalo exports - a big potential

Dalo exports from Fiji has a big potential with around 30,000 tonnes expected for export this year. In 2006, total dalo production was 76,155 tonnes compared to 83,751 tonnes in 2005.

11,434 tonnes of dalo, valued at $20.93million, were exported in 2006 compared to an export of 9,959 tonnes, valued at $19million, in 2005.

The Agriculture Ministry said that with Fiji dalo well known for its taste, it provided an opportunity for farmers to produce more for export.

The slight reduction in dalo production last year was due to farmers producing cassava which were mostly bought by a local factory. Farmers were now planting more cassava as it is easier to grow and it got a good price locally.

60 per cent of the dalo exported was from Taveuni Island while the rest was from the Central Division.

Dalo price in the local market is F$10.00 to F$15.00 per bundle in the local markets while the New Zealand wholesale market prices for Fiji Pink is $65.00 per 30 kilograms and Fiji white is $55.00 per 30 kilogram.

Dalo planting takes place from August to November with harvests from February to March each year.

Note : Advertise your products and services on our Suva blog and take advantage of our low advertising rates. Check here for our rates.

India to increase investment in Fiji

India will be looking at increasing its investment in Fiji in the areas of agro-processing, garment and textiles manufacturing, ICT and tourism according to reports of a request by Fiji's Interim Minister of Finance who is on a trip there.

Fiji's annual trade with India is in the vicinity of F$30 million with the expectation that it would hit the F$40 million mark in the next five years.

Currently, India exports to Fiji include drugs, pharmaceuticals and fine chemicals, gems and jewellery, electronic goods, man-made yarn fabrics while Fiji's exports to India include metal scraps, dyeing, tanning and colouring materials, pulp and waste paper.

Note : Foreign investors that require assistance for setting up business or investing in Fiji can use our company, Gilbert & Samuels Company Limited. We can also assist you with seeking domestic financing for part of your projects. To contact us, you can call telephones (679) 3396427 or (679) 9921427 or e-mail gilbert@connect.com.fj.

Opportunities for Fiji's black pearls

The Fiji Trade Commission in the USA is conducting market research to identify niche market opportunities for black pearl exports from the country.

The primary objective of the research is to open access to the USA for Fiji's black pearl farmers, especially village based farmers, and to boost growth and development of the local industry.

Black pearls from Fiji is an emerging resource based commodity that holds a lot of potential for growth and expansion, but needs direct support in marketing and market access, according to the Fiji Trade Commission.

Fiji's black pearl industry is relatively new and small with 10 farms (four owned by foreigners and six by local villages) in operation in the Vanua Levu area and started in 1998.

The Fisheries Department in Fiji said that the study would be good given that finding the right export market is what the industry lacks. USA is the world's biggest buyer of black pearls.

Tahiti leads Pacific Island countries in the export of pearls to the USA with average earnings of $US45 million ($F73m) per year during the period from 2004 to 2006.

In comparison, Fiji began pearl cultivation and production less than 10 years ago and averaged $US151,138 ($F245,040) annually in exports to the USA over the past three years. The industry is targeting an annual export of F$50 million of the product in 10 years.

The study will cover issues including market entry requirements, demand for loose and mounted pearls, basic customer or buyer profiles, location of buyers in the USA contact, trends and constraints, and lessons to be learnt from Tahiti.

A presentation of the findings of the study will be made to the public in Suva and Savusavu in June or July 2007.

Dubai and UAE investors interested in Fiji

Investors from Dubai and the United Arab Emirates (UAE) are interested in Fiji. One company is keen on setting up direct travel services to Fiji. Investors from Dubai and the UAE are interested in a whole range of areas for investment, particularly tourism related services.

The Interim Minister for Tourism says that an increase in foreign investment in Fiji would also be hinged on having tax laws and processes that were conducive to attracting investors, referring to problems that were faced by the hotel developers at Momi Bay recently where the Interim Prime Minister had to intervene to enable the project to continue after it had come to a halt when the hotel developers and the Fiji tax authorities had a disagreement with regard to having tax charged upfront for land sales at the hotel site.