Government will only encourage high value, high capital, high technology and high employment generating foreign investment especially in the areas where locals do not have the capacity or know how.
Minister for Industry, Trade and Tourism, Faiyaz Koya made this statement in Parliament today while responding to a question from Opposition MP, Aseri Radrodro on whether the existing foreign and local partnership policies for investment development that existed to protect local resource owners and encourage local participation in business entrepreneurship have been changed since 2009 to accommodate sole foreign investment in mining, hotel development, logging and other similar ventures.
Koya revealed in Parliament that they are working with the World Bank to develop a foreign investment policy that will provide the overall directive on investment related activities and amend the Foreign Investment Act.
He says the vision of the policy will be to develop Fiji as a vibrant, dynamic and internationally competitive economy, serving as the hub of the Pacific.
He says the policy framework for investment is an important policy tool that will enable Fiji to realise it’s full economic potential, keeping in mind the protection of the national interest.
Koya says this will eventually eliminate the need for a reserved and restricted list.
