In a bid to expand and deepen the long-term mutually-beneficial economic and business co-operation, a memorandum of understanding has been signed between two business associations in Fiji and Korea.
The agreement was signed yesterday in Korea between the Federation of Korean Industries (FKI) and the Fiji Commerce and Employers Federation (FCEF).
The signing follows the opening of the Fiji Embassy in Seoul yesterday and was witnessed by the Permanent Secretary for Industry and Trade, Shaheen Ali.
Mr Ali told Sun Business from Korea, that this pioneer agreement would establish a new partnership between the two top business associations.
“The agreement will facilitate information-sharing, transfer of knowledge and technology and expand trade between the two countries,” he said.
“This agreement is very important to Fijian businesses as it will provide better access to one of the fastest emerging economies in the world.”
Mr Ali highlighted the fact that Korea was ranked the best in the world in global innovation index, broadband access, shipbuilding, stable and cheap power supply amongst many other things.
“This partnership will enable Fijian businesses to gain from Korean-knowledge and technological advances to develop its industries focused on efficiency and innovation,” he said.
“I believe Korean businesses, such as members of FKI, are well positioned to take advantage of the dynamic business environment and investor friendly policies of the Fijian Government.
“Fiji, being the regional communication and transportation hub, also provides access to the greater Pacific market, of 9 million people, where Fiji already has presence and well established distribution links.”
He reiterated Government’s fully supports and encourages such private sector-driven initiatives to build better networks and to enhance communications ultimately leading to greater economic co-operation and business between Fiji and Korea.
The Federation of Korean Industries, founded in 1961, is one of the four major business organisations in Korea along with Korea Chamber of Commerce and Industry, the Korea International Trade Association, and the Korean Federation of Small Business.
Currently, Federation of Korean Industries has over 500 corporate members, whose annual sales are US$43 million (FJ$78m) or more.