3 Dec 2010

Cloud over Fiji investment, says NZ businessman Glenn

10:41 am on 3 December 2010

A New Zealand businessman in Fiji says enthusiasm for future foreign investment is dampened by questions and anxiety over political stability.

Owen Glenn has run sea and air freight services in Fiji for more than 25 years and also has resort investments on Malolo Island.

He says the Fiji Development Bank offered to sell him underperforming assets tied to pension money.

Mr Glenn says a lot of foreign investors have given up on Fiji, cut their loses and left.

"There is a depression in terms of foreign investment and stability for foreign investors because they're used to dealing in countries most of them that have good stable governments and follow good law and order practices. And I'm not saying Fiji doesn't but there is that sort of question mark and risk, how secure are they here? And is their money safe here? Can they get their money, any profits they make remitted out?"

Mr Glenn says sanctions by New Zealand and Australia to pressure Fiji towards free elections have not worked and only hurt the common people who feel unable to rise up and change the government.

He says a neutral party such as someone from the United Nations could help restore friendly relations between Fiji and Australia and New Zealand.