news about FTIB Says Race Not A Processing Factor

FTIB Says Race Not A Processing Factor

2005/12/07

RACE is not a factor when processing cancellation of the Foreign Investment Registration Certificates, the Fiji Trade and Investment Bureau clarified on Monday.

Instead, the Bureau considers whether the investor has complied with stipulated conditions, said FTIB chairman Joseph Singh. Only then will it make a decision. He made the statements following media reports on illegal activities by several Chinese investors.

"I wish to state that the FTIB has been cancelling Foreign Investment Registration Certificates (FIRC) of all non-complying foreign investors irrespective of their nationalities under the Foreign Investment (Amendment) Act-2004 (FIA) and the Foreign Investment Regulations 2005," he said.

Mr Singh said FTIB was empowered to grant approvals or refusals to foreign investors.

"The FIA and its regulations are non-discretionary, which provides a level playing field to all foreign investors and it so also non-discriminatory when granting, denying or cancelling FIRC," he said. "The FIA and its regulations are non-discretionary, which provides a level playing field to all foreign investors and it so also non-discriminatory when granting, denying or cancelling FIRC," he said.

Mr Singh said the application of the FIA had not only increased investor confidence in Fiji but had also provided a transparent and expeditious framework for the benefit of all investors.

He said under the FIA, approvals were granted subject to certain conditions, with which foreign investors must comply.

He said if any of the conditions were not met by foreign investors then there were also provisions within the FIA, which authorises the Bureau chief executive to take appropriate measures and cancel the FIRC for the non-compliant investor.

Mr Singh said the Minister for Commerce had the final say on the cancellation of the FIRC should an aggrieved investor appeal.

He said some foreign investors expressed ignorance of the FIA and the regulations as an excuse for non-compliance and warned that ignorance of the law and regulations was not an excuse.

FTIB to Clamp Down on Officials

The Fiji Islands Trade and Investment Bureau has stressed that it will ensure tough action is taken against any FTIB official if they are found guilty of granting or extending permits without carrying out proper checks.

Chairman, Joe Singh said he welcomes the opportunity for an investigation and the FTIB will get to the bottom of the cases highlighted in the recent Auditor General's report.

He said if any FTIB staff is found guilty of colluding with the offending Immigration Officers or on their own, then necessary disciplinary action will be instituted and this could lead to termination of employment and the matter reported to police.

Role of FTIB

The Fiji Islands Trade and Investment Bureau (FTIB) was first formed as a statutory organisation by the Economic Development Board (EDB) Act No. 11 of 1980 to promote, stimulate and facilitate economic development. Section 5 of the Fiji Islands Trade and Investment Bureau Act specifies that FTIB is to promote exports, investment and advise Government on economic policies that will lead to the expansion of investment in Fiji. To meet its aims, the FTIB:

• organises investment seminars and promotional missions
• promotes Fiji products by organising trade trips to potential markets
• co-ordinates Fiji's participation at overseas trade fairs
• organises local trade shows and overseas missions
• promotes Government's Export Promotion Incentive scheme
• publishes booklets featuring trade and investment opportunities and incentive schemes
• identifies and prepares profiles of projects in key development sectors
• provides advice and guidance on investment policies
• identifies local and overseas partners for joint businesses
• provides information to investors about capital costs, wages, labour regulations and land funding
• monitors and provides assistance to companies

History

The first of these discoveries was made in 1643 by the Dutch explorer, Abel Tasman and English navigators, including Captain James Cook who sailed through in 1774, and made further exploration later in the century. Major credit for the discovery and recording of the islands went to Captain William Bligh who sailed through Fiji after the mutiny on the Bounty in 1789. The first Europeans to land and live among the Fijians were shipwrecked sailors and runaway convicts from the Australian penal settlements. Fiji became a British Crown Colony on 10th October 1874. It gained independence on 10 October 1970 and joined the Commonwealth soon after the 1987 military coups. Fiji was declared a Republic and ceased to be a member of the Commonwealth. It re-entered the Commonwealth in October 1997 and yet again in 2001 after the May 2000 coup.

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