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Policy review

Manasa Kalouniviti
Saturday, February 24, 2018

THE main objective of a review is to develop a new and modern investment law and regulations says, Minister for Industry, Trade and Tourism Faiyaz Koya.

He said the new law and regulations must be able to adapt to the changing investment environment and provided a reform action plan that included an investment policy.

Mr Koya made these comments at Holiday Inn Suva yesterday while officially opening the stakeholder workshop on the Draft Investment Act and Policy.

"The World Bank Group and International Finance Corporation (IFC) team is working in collaboration with the ministry on a comprehensive review of the investment policy and the Act," he said.

Mr Koya said during the workshop the ministry and the team would present the draft investment reform map and the investment policy statement which highlighted the features of the proposed Investment Bill.

"We need an overarching investment policy that captures all our development aspirations stated in our five-year and 20-year national development plans," Mr Koya said.

He said the review of the investment policy and law was an impetus to actually achieve this.

"In addition we need to ensure that our investment policy and framework are sustainable and also that it considers the protection of our environment in order to mitigate the detrimental effects of climate change to small island states."

He said investments and investors could also assist Government in achieving the Nationally Determined Contribution (NDC) under the Paris Agreement.

Mr Koya said Fiji had attained unprecedented levels of growth over the past eight consecutive years.

"We've had eight years of positive growth and the 5.6 per cent recorded in 2014 was the highest recorded for decades," he said.

"Investment figures have also been very positive with over 25 per cent contribution to the GDP and most importantly, private sector investments have contributed roughly 15 per cent."

He wished the participants well in the workshop and said he hoped the workshop brought about the desired outcomes.

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