PAPUA New Guinea has been a major investor in the Fijian market in recent years with around $FJD174 million investments. Since 2010, a total 14 investment projects were registered by Papua New Guinea citizens or companies with Investment Fiji. The relationship between the two, however, is not new and goes back to as far as PNG’s independence. And despite the usual bumps, the two have come a long way and formed a strong bilateral bond – perhaps in the spirit of Melanesia.
Speaking at the Fiji Australia-New Zealand Business Councils at the tripartite gathering at Pearl Resort this month, Investment Fiji CEO Godo Muller-Teut said the local tourism sector was growing fast and had attracted Fijian and foreign investors.
Fiji’s tourism sector has been a major investment attraction for PNG companies which have put money into the Grand Pacific Hotel Ltd (GPH), The Pearl with a $85million investment, and in financial entities such as Bank South Pacific and Handy Finance Ltd It is particularly the confidence that PNG has in Fiji that leads to massive investment deals to occur in Fiji, according to Fiji PNG Business Council President, Joe Taoi. Taoi, who took over from Fijian Holdings boss Nouzab Fareed, said the basic strategy was to maintain the contact and engagement with Fiji and continue to see the increase in trade and investment between the two.
Taoi said Fiji’s transition to a democratically elected Government that was committed to continue reforms provided stability that played a major part in PNG’s investor confidence level.
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