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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
Main focus of the presentation – Cook Is, Fiji, Micronesia, PNG and Samoa
The Pacific is a services oriented economy Island type – mainly coral & volcanic islandsMajor division – Melanesian, Micronesian and
PolynesianLand 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
Population – 20 thousand – 5,800 thousandGDP per persons (US$) – 695 - 7549Literacy 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
Melanesia (Fiji & PNG)
- mineral, mining, forestry, oil deposits,
agriculture, fisheries and aquaculture &
tourismPolynesia (Cook Is & Samoa)
- agriculture,fisheries and aquaculture & tourismMicronesia (FSM)
- fisheries
Investment environmentDeveloping infrastructure/High costDeveloping financial marketReforming legal and regulatory systemsReforming state-owned enterprisesWorking with the private sector to build
dialogue & capacity
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 materialsLow corporate tax rate Investment allowanceGovernment policy conducive to investmentPrivate sector investment drives economic growth
Economic PoliciesPacific plan to strengthen regional
cooperation and integration – October 2005
Look North PolicyPacific 2020 (published in May 2006)Establishment of IT Park in Fiji
Success Investment StoriesFiji - Mineral Water - BPO
- Tourism
Samoa - Tourism,Agriculture
Cook Islands - Pearl industry, Tourism,
Agriculture
PNG - Mining, Coffee
Micronesia - Tourism, Fisheries
ChallengesHigh transportation costRemoteness/Market sizeUnemploymentGeographical location/remotenessMarket accessInvestment – Implementation period
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
E-mail - [email protected] (Fiji)
- [email protected] (Samoa)
- [email protected] (FSM)
- [email protected] (Cook Is)
- [email protected] (PNG)