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Wednesday, November 22, 2006

FTIB sets investment record

About F$235 million worth of projects have been established this year, the Fiji Islands Trade and Investment Bureau (FTIB) said. The figure represents the net value of the 182 new businesses that have been set up.

This is a record achievement for FTIB given that its 2006 target was only F$200 million worth of projects. The Bureau has, however, exceeded this year’s target in less than 9 months.

The projects have reportedly created 4,470 new jobs.

Furthermore, FTIB has approved a total of 317 investment applications which is indicative of the level of interest in Fiji as an investment destination. If all the applications are implemented, it could bring another F$767.4 million into the country.

The Bureau said that the primary focus on investment was in the tourism sector but overseas companies had also invested in agriculture and fishing.

FTIB has attributed part of the success to a major improvement in turnaround time for processing investment applications which has been part of Government’s efforts to inject more efficiency into the investment approvals process.

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