Ariel view of Suva City.

Parliament has today passed the Investment Bill 2020 and this replaces the Foreign Investment Act of 1999.

Economy Minister, Aiyaz Sayed-Khaiyum says the bill will create an attractive investment climate, increase foreign and domestic investments, generate employment and promote growth for the benefit of Fijians.

“Widespread consultations of course Mr Speaker was held. Clause 1 of the bill provides for the short title and commencement. If passed by parliament the new legislation will come into force. The date or dates will be appointed by the minister by notice in the gazette. Clause two of the bill provides for the definitions of the term used throughout the act.”

Opposition Member, Viliame Gavoka called on more consultations for the Investment Bill claiming it will not benefit Fiji.

“A lot is missing from this bill. Fiji used to be ranked 58th in the ease of doing business in 2012. It is now ranked 102. This bill does nothing to improve the ease of doing business in Fiji Honorable Speaker.”

The Economy Minister says the Bill will also attract more foreign investors.