The Government of Vanuatu under the Department of Industry is looking at opening up businesses under the reserve list to foreign investors.
Vanuatu local consultant Pakoa Songi told Buzz FM96 reporter, Kizzy Kalsakau, that the main idea behind this initiative is to allow join ventures between locals and foreign investors to take advantage and improve businesses in the reserve list that has been untouched for sometimes.
Some of the businesses under the reserve list includes 12 nautical miles for fishing, bungalows under 15 rooms and the handicraft business.
Mr Songi said locals are giving enough for the businesses within the reserve list.
“Locals are not making use or exploiting as much the resources within the 12 nautical miles in the fishing industry thus we need to strengthen the Ni-Vanuatu capacity and that is through foreign support to make use of the 12 mile boundaries.”
While the policy was still in its early stage Mr. Songi stressed that the input from the government and private sector is very important to move this development idea forward.
He said the policy is very important not only for the Industry sector but promotes investment in all areas like tourism and many more.
Daily Post is aware the new policy idea might come into effective on January next year.
Businesses under the reserve list are strictly for local investors and are protected by the Vanuatu Investment Promotion Authority (VIPA) Act with the intention to enable them to grow; however, the current review by the government to open up the trade sector will see a wider participation for businesses within the reserve list with the intention to help boost economic growth in the country.