Fisheries Sector

Fiji’s pristine ocean boasts diverse resources of marine life species that ranges from finfish products such yellow fin tuna, big eye tuna, albacore tuna, marlin, swordfish, mahi-mahi, deep water fish like snapper and reef fish species such as sea-beam, trevally, groupers, coral trout and rock cods. Aquaculture products include prawn, seaweed, giant clam and tilapia farming.

The fisheries sector plays a vital role in the overall growth and development of the country. The sector provides employment and income opportunities, access to food sources, sustainable livelihoods and if properly managed,
assists in maintaining balance in the ecosystem biodiversity. The fisheries industry is the third largest natural resource based sector in the economy, behind sugar and subsistence agriculture. In 2015 the sector grew by 3.6%
mainly due to increased production in offshore marine fishing and beche-de-mer.

This growth enabled the sector to contribute around 1.8% to GDP as well as 13% of total export earnings.
The main contributor to the sector is commercial fishing, especially offshore tuna catches. Other contributors include beche-de-mer, aquaculture and other aquatic-based produce. The main commercial tuna species include big eye and yellowfin. These are high value commodities that are largely destined for the Japanese and the USA markets.

OPPORTUNITIES IN THE FISHERIES SECTOR

  • Fiji has a very large Exclusive Economic Zone, which covers 1.29 million square km of sea.
  • Large stocks of marine resources such as tuna species of yellow fin, skipjack, albacore, and big eye.
  • Pacific Island countries in the western and central Pacific provide 54% of the world tuna catch.
  • Fiji produces some of the most beautiful pearls in the world.
  • Opportunities for aquaculture farming for the tourism industry and exports.
  • Huge potential for value-adding and niche markets.
  • A variety of seaweed is also available in the Fiji waters.
  • Fiji produces high value commodities that are largely destined for the Japanese and USA market in the form of fresh and chilled tuna (sashimi market) and loin fillets.
  • Our 870,000 residents and nearly 800,000 tourists create a lucrative domestic market of over 1.6 million people.
  • The coastal waters, coastal mangroves and surrounding reefs have large stocks of fish, crabs, clams, shellfish, prawns, lobsters, etc.

INCENTIVES

Tax Free Region

Who will qualify for this incentive?

This incentive is available to a newly incorporated entity engaged in a new business established in the following areas:
Vanua Levu – included Taveuni, Rabi, Kioa and other islands generally included for government’s administrative purpose as being in the Northern Division. Also Rotuma, Kadavu, Levuka, Lomaiviti, Lau and Nausori-Lautoka region (from Nausori Airport side of the Rewa River (excluding township boundary) to the Ba side of the Matawalu River.
Any company may apply to the Minister for Finance in a prescribed form for an operating
licence.

CRITERIA FOR GRANT OF LICENCE

The company is a newly incorporated entity engaged in a new business. The minimum initial level of investment should be $250,000

TAX EXEMPTIONS AVAILABLE

The income of any new activity approved and established between:

  1. 1 January 2009 to 31 December 2018 for Rotuma, Kadavu, Levuka, Lomaiviti & Lau
  2. 1 January 2014 to 31 December 2018 for East of Vitilevu (Korovou to Tavua region)
  3. 1 January 2016 to 31 December 2018 from the airport side of the Rewa Bridge excluding
    the town boundary of Nausori, up to the Ba side of the Matawalu River shall be exempt from
    tax as follows:
    • Capital investment from $250,000 to $1,000,000, for a period 5 consecutive fiscal years; or
    • Capital investment from $1,000,000 to $2,000,000, for a period of 7 consecutive fiscal years; or
    • Capital investment above $2,000,000 for a period of 13 consecutive fiscal years.

DUTY EXEMPTION

Import duty exemption on the importation of raw materials, machinery and equipment (including parts and materials) insofar as they are required for the establishment of the business in the Tax Free Region.

OTHER BENEFITS UNDER THE TFR

Additional 5 years of income tax exemption is available to any company granted a license and having indigenous Fijian landowner equity of at least 25 percent.

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Fiji Trade Commission - PNG & MSG

PO. Box 883
Port Moresbey 121
National Capital District
Papua New Guinea

P: +675 320 2208/ E: info@fijitradecom.org

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© Fiji Trade Commission (PNG) 2019