Fiji's foreign direct investment expected to increase: minister

Source: Xinhua| 2019-08-07 16:27:22|Editor: Shi Yinglun
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SUVA, Aug. 7 (Xinhua) -- The foreign direct investment in Fiji is expected to increase by 5 percent in the coming financial year, a Fijian minister said on Wednesday.

Fiji's Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum said in Parliament that foreign direct investment in Fiji is forecast to be 706 million Fijian dollars (about 323.9 million U.S. dollars) for the 2019/2020 financial year, an increase of 5 percent.

He said that investment in Fiji over the past decade has flourished and streamlining the registration process has also helped attract more foreign investments.

According to Premila Kumar, Fiji's minister for industry, trade and tourism, direct foreign and local investments had generated 613 million Fijian dollars (about 281.3 million U.S. dollars) for Fiji's economy from August 2018 to May 2019.

The minister said earlier that that 87 projects were set up by foreign investors while 47 others were set up by local investors.

A total of 277 Chinese investment projects, worth about 2.36 billion Fijian dollars (about 1.08 billion U.S. dollars) were successfully implemented in the island nation, over the last five years.