Minister Faiyaz Koya’s Statement at the third Japan-Pacific Islands Economic Forum
Fellow Ministers and Representatives of the Government of Japan;
Chairman, Japan External Trade Organisation;
Fellow Ministers from the Pacific and Government representatives;
Participating Private Sector Representatives;
Pacific Islands Forum Secretariat;
Participants of the Forum;
Ladies and Gentlemen.
Ohayo-gozaimas, Bula Vinaka, and warm greetings from the Pacific.
It gives me great pleasure to be representing the Pacific at this third Japan and Pacific Islands Economic Forum, in my capacity as the Chair of the Forum Trade Ministers.
Trade and Investment plays an increasingly critical role in the growth of Pacific Island Countries (PICs) and has led to the development of many essential sectors, both in goods and services.
The increase in the level of exports to and investments from trading partners such as Japan, supports PICs in creating income and employment and strengthens domestic private sector development through transfers of technology and know-how of management.
The PICs are able to strengthen their position through this bilateral trade and economic platform. The continued commitment of Japan provides the PICs a foundation to launch into the global trade arena.
The PICs exports to Japan increased by 114.3 per cent from US$1.4 billion in 2008 to $3 billion in 2019. Exports were dampened, to $2.25 billion, in 2020, which can be attributed to the impact of the pandemic on the supply chain and transportation network.
As of 2020, Papua New Guinea, Vanuatu and Fiji are the top three PICs exporters to Japan, however, there is potential for other PICs to create a niche in the Japanese market.
Today’s Forum not only is an opportunity for the business community to share their interests, but also for the PICs to share policies, incentives, reforms and future plans for economic recovery.
The event compliments the role of Forum Trade Ministers, who have the mandate of setting the regional vision to attract trade and investments. Whilst ensuring there is a conducive business climate for private sector investments to flourish in the Pacific.
Ladies and Gentlemen,
None of us here today needs reminding of the mayhem that we have endured in the past two years, due to the COVID-19 pandemic. Decades of economic growth have spiraled downwards. However, there are opportunities that have been spurred by this adversity.
This is an opportune forum for us to reflect on the confronting challenges that the pandemic has brought. But more importantly to seek and explore ways to truly strengthen collaboration between Japan and Pacific businesses in an attempt towards economic recovery and rebuilding efforts.
I wish to convey appreciation on behalf of the Pacific nations, to Japan, for standing with us during the pandemic and providing necessary assistance, including vaccines. Japan, in partnership with the United Nations Children’s Fund (UNICEF), has pledged to assist 10 PICs, with a USD 9 million contribution to boost a vaccine-powered economic recovery in the region.
Ladies and Gentlemen,
Japan has been a longstanding partner for the region and host of many international exhibitions, trade shows, and seminars to continue the promotion and marketing of Pacific products and businesses.
They also have a strong presence in the region through agencies such as JICA, JETRO, Pacific Trade and Invest (PT&I) and the Pacific Islands Centre. These agencies support Pacific businesses by facilitating access to the Japanese market. They gather market intelligence, facilitate support and business-to-business connections between Japanese and Pacific entrepreneurs.
These bodies add to industry development, capacity building, resource enhancement and facilitate investment in areas that utilise Japan’s strengths – such as, renewable energy, environment (waste management, marine plastics, water, disaster prevention) and health and medical care. The Pacific looks forward to learning more and working in collaboration with these organisations.
Ladies and Gentlemen,
In addition to the above, the 2021 Pacific Islands Leaders Meeting (PALM), further discussed and enhanced the agenda to expand this partnership.
Our Leaders discussed five priority areas at the PALM, which included:
● COVID-19 response,
● sustainable oceans,
● climate change and disaster resilience,
● strengthening foundations for sustainable & economic development, and
● human resources development.
Each of these priorities are critical contributors and components for the growth of a strong and healthy economy.
Ladies and Gentlemen,
The Forum today paves the way forward and into the future. We will be able to identify opportunities, and areas where to combine efforts, pool resources and mobilise collective action to benefit the region.
The business-to-business interactions will allow for expansion beyond traditional sectors of tourism, apparel, agriculture, fisheries. It will enable growing entities, especially the micro, small and medium enterprises, to venture into other untapped areas, such as cultural and creative industries, renewables, waste management, to name a few.
Ladies and Gentlemen,
Work is underway in many PICs in terms of review of investment frameworks. In addition, reforms are being undertaken to improve doing business policies, to enable Japanese businesses to invest in the Pacific.
Fiji, amongst other PICs, is leading the way in these reforms. Earlier this year, the Fijian Parliament passed the Investment Act, which is benchmarked on international best practices and is considered a trailblazer in the region.
Furthermore, the Fijian Government, through my Ministry, is coordinating the move to a digitalised platform for applications and approval. This process has been started with an online business portal called bizfiji.com, which is now being developed into a full-fledged online approvals portal.
I wanted to share the Fijian experience to give the Japanese business community an understanding of how the Pacific is progressing and embracing technology. We have a talented and educated workforce. And we have the vigour to explore opportunities in new and emerging sectors.
Ladies and Gentlemen,
The Pacific is a growing location for businesses with transportation and communication links that makes it an attractive investment location.
The Pacific’s warm people, its tropical climate, natural pristine environment, steadily developing infrastructure, pro-business policies and legislation makes PICs an ideal destination for business.
With these words, I wish you all a successful forum and look forward to its outcome.
Arigato gozaimasu.
(Source: Fijian Government Website)