Trade Minister Faiyaz Koya says a committee is consulting relevant stakeholders and the final report is expected soon.

The rapid change in global trade and investment has prompted the government to review the Foreign Investment Act 1999.

Trade Minister Faiyaz Koya says a committee is consulting relevant stakeholders and the final report is expected soon.

The new Act will streamline processes and remove distinctions between domestic and foreign investments.

Koya adds the legislative reform is aligned with the government’s goal of transitioning Investment Fiji into a purely investment promotion agency.

“The whole world has changed, trading, investment has changed and there is going to be a whole lot more that’s going to change so Fiji needs to align itself with best practices around the world. So, very important tool for Fiji and especially going into the future we need to streamline a lot of things, processes that need to be taken care of.”

Investment Fiji at the moment has some regulatory powers when it comes to foreign investors.

Chief Executive Craig Strong says some international businesses have put plans on hold due to the impacts of COVID-19 hence, the need to review the Act.

“So if we look at best practice we’ll become like other IPA’s around the world. To do that we need enabling legislation to be able to roll our sleet out and get on with that work. So, the legislative reform is a critical process in that. It’ll make us purely an IPA, it’ll make our clients life a lot easier. And it will contribute I think to become the investment destination of choice.”

The Trade Ministry will continue to strengthen domestic investment activity to cushion the economic impacts of the pandemic.