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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
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


Introduction
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


Economic statistics
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


Resources
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


Investment environment
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


Incentives
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


Economic policies
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



Challenges
Challenges

  • High transportation cost

  • Remoteness/Market size

  • Unemployment

  • Geographical location/remoteness

  • Market access

  • Investment – Implementation period


Delivery methods
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


Thank you
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)