The Republic of Fiji consists of 330 islands, around a third of which are inhabited. One of the most advanced economies in the Pacific, Fiji is blessed with generous mineral resources, lush forests and abundant fisheries. Around 70% of the population are involved in agriculture, and key exports include coconuts, copra and ginger.
In recent years, political tensions have created a high rate of emigration – disproportionately among skilled workers – and the country increasingly depends on remittances from expats.
The government has taken steps to stabilise the economy and is keen to encourage foreign investment – tax concessions are available to foreign investors and multinational companies.
Australia is Fiji’s primary trading partner. Today, over 30,000 Australian companies are active in the country. Since the 1980s, tourism has grown to become the country’s primary industry. Suva, the country’s capital, is Fiji’s largest port, and a major destination for cruise ships.
Fiji is seeking to develop its biofuels industry with the assistance of the United Nations Development Programme. In addition, the oil industry is a potential money-spinner – it is estimated that some 500-600 million barrels of crude oil lie within Fijian waters.
For over 23 years, HLB has been assisting those seeking to invest in Fiji – earning a reputation as one of the most efficient and effective accounting firms in the country.