FIJI ECONOMY:  INVESTMENT OPPORTUNITIES ABOUND

The 17^th Australia Fiji Business Forum held on the Gold Coast from 17 to 19 October has commended the Government of Fiji and the Reserve Bank of Fiji for its sound management of the economy which has grown strongly over the last three years.

President of the Australia Fiji Business Council, Mr Bob Lyon, Managing Director for the Pacific of ANZ Banking Group, told the Forum that “Fiji stands at the cusp of an exciting new era which has the potential to revitalize its economy through the development of new economy industries.”

“Fiji’s emergence as a centre of new economy industries is a positive development for these industries in Australia and elsewhere as it creates new opportunities for joint ventures and diversification” Mr Lyon said.

The focus of this year’s Forum was “Australia and Fiji: New Economy Partners".

The Forum identified many joint venture opportunities in agriculture, fisheries, specialized education, and a range of tourism and new economy sectors including film and television production, and information technology and communications based industries.

The Governor of the Reserve Bank of Fiji, Mr Savenaca Narube, said Fiji could experience 8% growth in the next year as result of a strong economic activity especially in the tourism and construction sectors.

Mr Lyon said there are sound opportunities for Australian companies to participate profitably in Fiji’s growth, and urged Australian investors to closely examine these opportunities.

A copy of the Communiqué issued at the conclusion of the Forum is attached.

GOLD COAST, AUSTRALIA

19 OCTOBER 2004

Media enquiries to:

Australia Fiji Business Council – Mr Frank Yourn, Executive Director + 61 7 3348 5142

Fiji Australia Business Council – Mr Martin Darveniza, President + 679 675 0251