On 30 December 2019, the Fiji Embassy in the Republic of Korea participated in a business forum organized by the Korea Importers Association (KOIMA) that is a key partner in the “Republic of Korea-Pacific Island Countries Trade and Tourism Promotion Project (TTPP)”. The TTPP is an initiative under the ROK-PICS Cooperation which endeavors to promote investment and trade for the Pacific Island region to the business community in Korea that was launched in March last year.
The business forum is one of many seminar and conferences hosted by KOIMA to promote investment and trade for the Pacific Island region, and closely followed the special seminar, “Korea-Pacific Business Forum” that was held in Nadi, Fiji at the Sofitel Resort and Spa on 31 October 2019 for the Korean business delegation which had travelled to Fiji to explore investment prospects.
In her congratulatory address to fifty (50) CEOs and business representatives and members of KOIMA, H.E. Peniana Lalabalavu, Ambassador of Fiji to Korea, underscored that “Fiji provided a dynamic and conducive business environment and offered many exciting opportunities for business in a wide range of sectors” for Korean businessmen, some of which were also supported by Government incentives. She also renewed her assurances to KOIMA and that “the Mission looked forward to further engagement with KOIMA in actively promoting and carrying out awareness about Fiji and the Pacific”.
KOIMA’s first project was held in June at the Import Goods Fair (IGF) where ten (10) countries were invited for the Pacific region providing one to one business meetings on the site during the fair. This was followed by the KOIMA Import delegations’ travel to Fiji for the “Korea-Pacific Business Forum” which was designed to convene a panel discussion to orient the Korean delegation with investment opportunities in the Pacific region.
The CEO and Chairman of KOIMA, Mr. Kwang-Hee Hong, informed the audience in his welcome remarks of KOIMA’s special mandate “for implementation and organization for promotion of international trade between Korea and the PICs region”. He reiterated that “KOIMA had organized and completed a serial number of seminars and forums”. “The total trade volume between the Pacific and Korea reached USD 9 billion in 2014, however, this declined to USD 7.5 billion in 2017 which required more work by KOIMA”, he further added.
During the forum, the Mission also presented on Fiji and the facilities and infrastructure that was in place to support and promote investments from Korea as the hub of the Pacific. The Mission also further elaborated on the sectors where Korean investment would thrive as these socio-economic sectors were attributed as national priority areas.