Act to help economic recovery
17 June, 2021, 6:45 pm
Fiji’s Investment Act 2020 is set to make approvals processes for foreign and domestic investment proposals more business friendly.
According to the International Finance Corporation the reforms was spearheaded by the Ministry of Commerce, Trade, Tourism and Transport (MCTTT) to streamline Fiji’s investment regulatory framework.
It said Fiji’s Investment Act 2020 would increase the country’s ability to attract foreign and domestic investment across key sectors, with the aim of generating foreign exchange, knowledge and technology-intensive jobs and helping with the long term recovery of the Fijian economy, in the wake of COVID-19 impacts.
MCTTT permanent secretary Shaheen Ali said the law was drafted following extensive consultations by MCTTT with key stakeholders.
“Not only does the law include international best practices, it protects the interests of Fijians,” he said.
“For investors, it eases their way in doing business in Fiji as the new law is streamlined and user-friendly.”
The reform aligns with a priority of Fiji’s 5-Year and 20-Year National Development Plan to modernise the business regulatory environment for inclusive and sustainable private sector development.
Australian High Commissioner to Fiji, John Feakes said the new Investment Act was a great step towards improving the ease of doing business in Fiji.
“I congratulate the Fijian Government for working to boost investment in Fiji, and its long-term economic future,” he said.
The new law has removed the previous process of applying for a Foreign Investor Registration Certificate.
IFC stated under the reform, investor permits were to be managed by the Department of Immigration and investor rights would also be protected under the new law with provisions for legal recourse.