Reforms to create dynamic private sector
March 31, 2021 5:59 am
The Ministry of Commerce and Trade is leading the implementation of investment-related reforms.
This was confirmed by Minister for Commerce, Faiyaz Koya while speaking at the World Trade Organisation negotiations on an Investment Facilitation Framework for Development.
Koya says that Fiji has undertaken investment-related reforms to create a dynamic private sector that invests, innovates and create jobs.
The minister says the reforms are based on three key pillars which include the development of new investment laws, and new investment promotion agency laws.
These will revoke the present Foreign Investment Act allowing streamlined processes, and remove differences between domestic and foreign investors. Under the reforms, the role of Investment Fiji will also be modernised.
Koya adds in order to capitalise on the COVID-19 contained status, Fiji has been devising smarter, more targeted, incentives to encourage investments and maintain investor confidence.
He adds under investment law reforms there will be more fields open for exploration by foreign investors.