Annual FDI report 2016
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1 Annual FDI report 2016 KEEPING YOU INFORMED FOREIGN DIRECT INVESTMENT DEVELOPMENTS AND TRENDS VANUATU INVESTMENT PROMOTION AUTHORITY PMD 9011 LINI HIGHWAY PORT VILA - VANUATU Telephone: / : investment@vipa.org.vu:: Facebook: :: Twitter: :: Website:
2 Contents STATEMENT FROM THE ACTING CEO... 2 Preface... 3 Overview... 3 OPERATIONAL REVIEW... 4 Projects... 4 Local Employment... 4 Investment Landscape... 4 FOREIGN DIRECT INVESTMENT BY SECTOR... 4 FOREIGN DIRECT INVESTMENT BY COUNTRY OF ORIGIN... 4 EMPLOYMENT OPPORTUNITIES... 5 PROPOSED VALUE OF INVESTMENT BY SECTOR 5 INVESTMENT BY PROVINCE... 6 PROPOSED INVESTMENT VALUE BY PROVINCE. 6 SECTORAL REVIEW AND KEY PROJECTS... 7 MANUFACTURING... 7 TOURISM SERVICES AND ACTIVITIES... 7 AGRI-TOURISM... 8 Overall Outlook... 8 ANNEXES Terms and Explanatory Notes Page 1 of 20
3 STATEMENT FROM THE ACTING CEO In accordance with the VIPA Act 1998, it gives me great pleasure to present to you the Vanuatu Investment Promotion Authority Annual Report of on Foreign Direct Investment in Vanuatu. To ensure our continued success in meeting your needs, please send us your genuine comments and ideas about how we can make our next report better. Best wishes from the VIPA team. The Authority continues to display positive improvement in its role as the investment promotion and facilitating body through continued growth in investments in the country in Vanuatu still has a comparative advantage in investment because of its strategic location. The country continues to welcome new investors as demonstrated by a 15% growth in new investments through the 158 new applications lodged with VIPA compared to 137 applications in Variations on the other hand have slightly decreased by 2 percent with 174 Variations completed in 2016 and 177 that were done in Mr. Gelpen Silas Acting Chief Executive Officer This is a positive achievement for the Authority in terms of new investment approved as it continues to address key areas of development through investment. The 2016 Annual FDI report provides information on investment trends particularly the number of new foreign investment applications received and approved, their proposed values and local employment opportunities provided which we believe our stakeholders and general users will find useful. Given the government s commitment to national and international frameworks such as the Sustainable Development Goals (SDGs) which requires ongoing attention, this report could be a useful tool which relevant authorities may use to properly address them. I believe you will find this report an important and useful source of information Page 2 of 20
4 Preface This publication presents information on Foreign Direct Investment (FDI) featuring the number of projects receieved and approved, employment opportunities available to locals, values and sources of investment, number of project by sectors and geographical distribution. Our on-going efforts to improve our outputs enabled us to include in this report timeserious data and International Standard of Industrial Classification (ISIC Rev 4) used to classify the main activities for each proposed projects. As a result of this revision, data produced in this report will be different to those in our previous publications. We have also included global and regional fdi trend to allow readers compare how Vanuatu is doing with its regional neighbors in competing for foreign direct investment projects. The data used are sourced principally from the Authority s database collected from its Foreign Investment Application Forms (FIAC) (New, Variation and Renewal). Overview Inward foreign direct investment (FDI) in Vanuatu increased by 6 percent in 2016 with 158 new projects received compared to 137 of This upward trend is attributed the the confidence new investors have vested upon the business environment in Vanuatu. VIPA alongside other line agencies have been working really hard in terms of improving the business environment Vanuatu. Despite the slight increase in terms of new investment, a lot of potential still remains in untapped sectors like the primary sector and ICT to list a few. 9% of the total investment in 2016 was recorded against Agriculture, Fisheries, and Forestry. Considering the number of investment going into the rural areas (refer to annexes), one can agree that there is a shortage of investors tapping into the sector concerned. Having sufficient budget for promotional use has always been a major concern for VIPA. The Authority is always working smart with its available resources to maximize output in terms of profiling prospective investment opportunities and moving more toward an investment generating body rather than repeating a reactive approach. Page 3 of 20
5 OPERATIONAL REVIEW Projects In 2016, a total of 1139 applications were received at VIPA. Of the total, 158 of the applications were new applications for new projects, 174 were variation applications and 810 were renewal applications. Local Employment A total of 1561 proposed local employment were recorded in As 2016 approved investments continue to be implemented this employment figures will continue to increase. The significant increase was mainly due to the scale of operations as investors with financial capacities during the initial phases were prepared and started to implement their projects once approved by the VIPA Board. FOREIGN DIRECT INVESTMENT BY SECTOR The traditional sectors, namely Tourism Services and Activities, Wholesale and Retail, and Constructions have attracted 68% of total investment in 2016 Chart 2: Foreign Direct Investment by sector 2016 FIA 1% POTA 4% AER 1% REA 4% OSA 1% HHSA 2% AFF 9% M 6% C 14% Investment Landscape After a significant increase in FDI value in 2015, inflows showed a sign of decrease of 44% in 2016 decreasing the overall proposed investment value of FDI to million VT TSA 43% TS IC 1% 3% WRT 11% Australia has come out in 2016 as the main source of FDI contributing to 48% in total FDI. This is a significant increase compared to the 6% recorded in Inflows of million VT were recorded from China positioning them as the second largest contributor followed by Joint Ventures of foreign national with locals standing at 16% FOREIGN DIRECT INVESTMENT BY COUNTRY OF ORIGIN In terms of the number of projects recorded, Australia has topped the list in Vanuatu (23%) in FDI from China is on the Page 4 of 20
6 uptrend and has surged from 22 projects approved in 2015 to 27 FDI projects approved in The flux of FDI values (proposed investment values) from Joint Ventures of foreigners with locals has surged to 2 billion VT (highest recorded in 2016), an increase of 10% as compared to 200 million VT in A similar trend is noted for French investors, increasing from 795 million VT in 2015 to 920 million VT in Investor Nationality Chart 3: FDI by country of origin 2016 Other JV-Others JV-Locals Korea France New Zealand China Australia Number of projects EMPLOYMENT OPPORTUNITIES Sectors recording the highest proposed employment in 2016 were in the Tourism Services and Activities with 555 proposed job opportunities which is 28% higher than Next is the Manufacture sector which recorded 447 job opportunities, 34% in jobs proposal for this sector compared to Proposed Number Of Employment Chart 4: Proposed employment PROPOSED VALUE OF INVESTMENT BY SECTOR Tourism Services and Activities recorded the highest proposed value of investment at 43% totaling to over 500 million VT. This has reflected an increase of 51% compared to the proposed value in the same sector in The construction sector has without doubt been on the rise throughout 2016 which captured 14% in terms of investment value. This reflected an increase of 71% (investment value) compared to the previous year. Wholesale and Retail has showed considerable improvement with an increase in proposed investment value of over 100 million VT, reflecting an increase of 61% compared to SECTORS Page 5 of 20
7 Chart 5: Proposed value of investment by sector Chart 6: Investment by Provinces HHSA 2% POTA 4% REA AER FIA4% 1% 1% OSA 1% AFF 9% M 6% C 14% Number of projects PORT VILA LUGANVILLE SHEFA SANMA TAFEA TORBA Provinces TSA 43% TS IC 1% 3% WRT 11% INVESTMENT BY PROVINCE With the current concentration of infrastructures and utilities in Port Vila it will likely be the case in many more years yet to come to see a high number of investors locating their activities in town. The year 2016 was no exception. Port Vila alone recorded 109 new projects, next, was Shefa Province with 20 projects PROPOSED INVESTMENT VALUE BY PROVINCE With a proposed investment value of 860 million VT, Port Vila has secured the first spot capturing 70% of the overall proposed investment value for Next is Shefa Province with a total of 600 million VT, about 16% of the overall proposed investment. Page 6 of 20
8 LUGANVILL E 5% CHart 7: Proposed investment value by Provinces 2016 SHEFA 16% TAFEA SANMA 2% 7% PORT VILA 70% SECTORAL REVIEW AND KEY PROJECTS In 2016, The VIPA Board facilitated a number of projects covering various sectors: Tourism Services and Activities, Manufacturing Constructions Agriculture, Fisheries, and Forestry Wholesale and Retail Services Real Estate MANUFACTURING 2016 was an exciting year for the manufacturing sector. New activities have emerged for in the Vanuatu manufacturing landscape providing a new thrust to the industry. New industry subsectors such as the manufacture of local food products, manufacture of glass products and furniture, distillery of rum and liquors, oil mill, manufacture of perfume and other related products, dry kava processing are now complementing and consolidating the current manufacture base. It is encouraging to see that foreign companies recently established in Vanuatu are anchoring their positions in the Vanuatu manufacture landscape by improving products offering and diversifying their services. For example, Eau des Iles an Australian investor who has developed its own perfume is now selling its products in the major shops in Port Vila. TOURISM SERVICES AND ACTIVITIES The tourism sector in 2016 witnessed increases in both the number of applications received as well as in the proposed value of investment. A total of 30 projects have gained the VIPA Board approval, 47% higher than Further to that the recorded proposed value of investment has soared up to a remarkable 535 million VT which is 51% higher than the 274 million VT in An impressive growth (increase of 6 percent) was recorded on the Australian market which is currently the first tourism source in Vanuatu. Further to that the Australian market has also indicated a strong growth with 49,752 Australian travelers visiting Vanuatu against 46,098 in 2015 representing an increase of 93%. The total contribution of the tourism industry to Vanuatu s GDP in 2016 was 44.5% which was lower 5.58% lower than the 47.1% recorded in Total proposed employment in the tourism sector stood at 555 in Page 7 of 20
9 Europe 11% Other Pacific Island Countries 6% New Caledonia 10% Chart 8: Tourist arrivals by usual country of residence 2016 North America 3% New Zealand 11% China 3% Other Countries 3% Japan 1% Source: Vanuatu National Statistics Office Australia 52% AGRI-TOURISM 2016 has turned out to be an eventful year for agro-tourism. The Vanuatu Government under the Ministry of Agriculture, Livestock, Fishery, Forestry, and Biosecurity hosted the AGRITOURISM FESTIVAL (a three day event) from 9-11 November The Primary sector has the potential to match the development witnessed in the tourism industry, therefore, the event allowed local producers to showcase their products and for the government to show their commitment in boosting the sector concerned. Another major issue that was discussed during the event was market access for Vanuatu made products. The Ministry of Agriculture is working very hard to facilitate networking between producers and buyers to ensure that products get consumers. Though a reminder was emphasized on local producer to meet consistent volume of supplies, as the domestic supply of to the domestic market alone is very limited and the potential remains to be fully exploited. Overall Outlook The year 2016 has seen a lot of projects approved by the VIPA Board. The website of VIPA continued to prove popularity and the support accorded by existing investors through their networking has assisted a lot in promoting Vanuatu as an investment destination. VIPA with its available resources and the support it gets from other line agencies continue to maintain and achieve its role and objectives. While there may be several issues that need to be discussed and addressed at the higher level of government, VIPA is becoming strong and has proven its capacity in promoting, facilitating and monitoring investment within Vanuatu given the current limits of the Authority. With regard to these overall investment performances during the year of 2017 can be briefly summarized as: FDI continues to create increase in the number of local employment opportunities Investment continues to expand into other Provinces or rural areas. Australia continues to be the major traditional contributing country in terms of number of application. The VIPA website continues prove it is a useful medium in promoting Page 8 of 20
10 Vanuatu as an investment destination VIPA continues to promote Vanuatu as an investment destination and wishes to thank all line agencies for the continuous cooperation and we look forward to collaborating in addressing future challenges together Most of the projects received are located mainly in Port Vila and the major business activities are in the Wholesale & Retail sector Vanuatu has shown continuously that the primary sector is significant for the decentralization investment from the townships of Port Vila and Luganville towards other provinces. There is a huge potential for investors to tap into the Agriculture, Fisheries, and Forestry sector and the gains from these investments will be worthwhile. Page 9 of 20
11 ANNEXES Table 1.0: Number & Type of Foreign Investment Approved, Proposed Value and Employment, 2000 to 2016 Projects Approved Proposed Value ('000 VT) Proposed Employment New Variations Total New Variations Total Local Foreign Total ,992, ,992, ,789, ,789, ,450, ,450, ,734,906 72,250 2,807, ,785,860 2,004,506 4,790, ,025,363 1,425,701 20,451, ,933,444 2,363,462 15,296, ,012,777 2,038,391 21,051, ,372,312 2,484,499 17,856, ,234,174 4,661,866 9,896, ,243,478 2,344,448 11,587, ,022,507 5,330,548 24,353, ,666,187 2,290,034 8,956, ,709,665 1,206,881 5,916, ,647,060 3,601,406 10,248, ,102,264 2,639,624 31,741, ,341,864 1,518,450 13,860, Page 10 of 20
12 Table 2.0: Number & Type of Foreign Investment Approved by source of FDI, Year 2005 to 2016 NEW Australia China New Zealand France Korea JV-Locals JV-Others Other Total VARIATION Page 11 of 20
13 Table 3.0: Propose number of employment by source of FDI, Year 2007 to 2016 Australia China New Zealand France Korea JV-Locals JV-Others Other Total LOCAL FOREIGN Page 12 of 20
14 Table 4.0: Proposed value of investment by source of FDI, Year 2000 to 2016 VT '000 Australia China New Zealand France Korea JV-Locals JV-Others Other Total ,801,999 35, , ,280 20,000 1,152, ,500 1,592,340 5,992, ,628, ,002 71,646 60, ,020 88, ,800 5,789, , , , , , ,651 1,245,641 3,450, ,440,807 34, , ,820 44,350 54, , ,915 2,807, ,686, , , , , , , ,271 4,790, ,751,204 4,955,415 1,969, ,650 21, , ,668 9,026,977 20,451, ,468, ,350 1,477,169 1,283, ,752, , ,651 15,296, ,841, ,408 1,514, , ,600 8,578, ,873 4,661,349 21,051, ,198, , ,463 2,316,975 68,390 4,378, ,325 4,822,751 17,856, ,351, ,954 1,360, , , , ,409 1,394,408 9,896, ,005,950 1,150, ,122 2,433, ,200 13,490 2,060,300 1,189,093 11,587, ,221,374 2,351, ,365 6,491, ,020 3,422, , ,798 24,353, ,573,745 1,291, , ,670 63,700 1,822, ,520 2,224,340 8,956, ,087, , , , , , , ,311 5,916, ,550,450 1,016,150 1,156, ,120 75, , , ,966 10,248, ,676,815 2,537,980 2,207, , , , ,512 3,547,190 29,102, ,907,806 1,565, , , ,700 2,010, , ,403 12,341,864 Page 13 of 20
15 Table 5.0: Number & Type of Foreign Investment Approved by sector, Year 2000 to 2016 NEW AFF MQ M C U WRT TS IC TSA FIA REA POTA E AER HHSA OSA Total VARIATION Page 14 of 20
16 Table 6.0: Proposed number of employment by sector, Year 2007 to 2016 LOCAL AFF M&Q M C U WRT TS IC TSA FIA REA POTA E AER HHSA OSA Total , , , , , , , ,561 FOREIGN Page 15 of 20
17 Table 7.0: Proposed value of investment by sector, Year 2000 to 2016 VT '000 AFF MQ M C U WRT TS IC TSA FIA REA POTA E AER HHSA OSA Total Page 16 of 20
18 Table 8.0: Number & Type of Foreign Investment Approved by province, Year 2003 to 2016 PORT VILA LUGANVILLE SHEFA SANMA MALAMPA TAFEA PENAMA TORBA Total New Variation Page 17 of 20
19 Table 9.0: Proposed number of employment by province, Year 2000 to 2016 Year PORT VILA LUGANVILLE SHEFA SANMA MALAMPA TAFEA PENAMA TORBA Total Local , , , , , , , , , , , ,081 1, , Page 18 of 20
20 Foreign Table 10.0: Proposed value of investment by province, year 2000 to 2016 VT '000 PORT VILA LUGANVILLE SHEFA SANMA MALAMPA TAFEA PENAMA TORBA Total Page 19 of 20
21 Terms and Explanatory Notes New application/project: Refers to new application for a new project for which approval and Certificate is granted by the VIPA Board. Variation: Refers to application from an existing project for which approval is granted by the VIPA Management to engage in business activities other than that initially approved. Variation includes change of location, and a change in business name. Proposed: Refers to figures obtain directly from investors when filling in the application forms. Where actual figures are provided, especially the number of employers, a foot note will be included to say so. Abbreviations used: VIPA: Vanuatu Investment Promotion Authority NA: Not Available R: Revised E: Estimate Sector tables heading: AFF Agriculture, Forestry & Fishing U Utilities TSA Tourism Service & Activities MQ Mining & Quarrying WRT Wholesale & Retail Trade FIA Financial & Insurance Activities Page 20 of 20
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