Changes made to Foreign Investment Act, 1999
March 17, 2021 4:30 pm
Permanent Secretary for Trade, Shaheen Ali.
The Foreign Investment Act 1999 is now called Investment Act.
Permanent Secretary for Trade, Shaheen Ali says the changes mark a significant milestone and will lay a platform to attract potential international markets during these trying times.
He says the changes in global trade trends in this COVID-19 period has hastened the review of the Act which has been approved by cabinet and is before parliament for approval and endorsement.
“The Investment Act will have the best international practices as far as other investments destinations that Fiji competes with, those practices will be incorporated in our Investment Act. It will also lead to Investment Fiji as a pure Investment Promotion Agency.”
Ali also highlighted the new Act will streamline processes and remove distinctions between domestic and foreign investments.