The Minister for Trade and Commerce, Berenado Vunibobo, has called for a reassessment of Fiji’s labor wage rates to maintain its competitiveness in the South-East Asia region, which is actively seeking investment. During a press conference in 1990, following a trade promotion mission to Hong Kong, Singapore, Malaysia, and Indonesia, Vunibobo stressed the significance of investing in promotional strategies to lure overseas investors.
Highlighting Indonesia’s competitive wage rates, he pointed out that Fiji could fare better against Singapore. Vunibobo urged the government to evaluate the current wage system to boost productivity. Despite facing challenges, he expressed optimism regarding Fiji’s prospects to compete effectively with the four Asian nations discussed.
The response to their seminar in Hong Kong was notably encouraging, with over 400 participants expressing interest in Fiji’s market opportunities. Vunibobo also made it clear that selling passports is not a government-supported initiative, particularly in light of controversies surrounding similar practices in Tonga.
In Malaysia, he addressed the trade imbalance favoring Fiji and called for initiatives to remedy this. Furthermore, he highlighted Fiji’s interest in various sectors, including concrete, timber, textiles, and pharmaceuticals. The mission featured twenty business representatives who worked alongside the Fiji Trade and Investment Board to foster commercial ties within these promising markets.
Fiji’s commitment to enhancing its appeal to foreign investors reflects a proactive stance towards economic development. By tackling operational challenges and strategically positioning itself in the global market, Fiji stands to leverage new opportunities for growth, benefiting local industries and creating new jobs. These ongoing efforts signify a positive outlook for the country’s economic future as it seeks to strengthen relationships and attract potential investments.