Foreign Investment Act to be reviewed
February 15, 2020 7:14 am
The 1999 Foreign Investment Act is under review.
Trade Minister Premila Kumar says they’ve found the current legislation outdated and there is a critical need to be more responsive to the current market.
Speaking at a side event this week to the Forum Trade Minister’s Meeting at the University of the South Pacific, Kumar also revealed that the act has also been described as discriminatory to local investors.
“We’re getting rid of the name foreign investment but we’re going to call it Investment Act and we want to create various provisions within the law where the investors can, you know if they get into trouble, there’s a dispute resolution process in it. Not like previously it was a very restrictive type of Investment Act.”
The Trade Minister says these are part of a series of significant challenges that is been undertaken in the sector.
She says they are also reviewing the functions of Investment Fiji to move away from a policing and facilitating body to more of a promotional one that expands on the country’s business portfolio.