The new Investment Act “has significantly streamlined” the reserved and restricted list for investors, resulting in zero-risk reserved activities and only nine restricted activities on the legislation.
This was mentioned by the manager business reforms for the Ministry of Commerce, Trade, Tourism and Transport Shinal Prasad at the Fiji-Korea Business Forum 2022 at Grand Pacific Hotel (GPH) in Suva recently.
She said the new changes that are being brought about in the business arena are subject to the national development plan for Fiji.
“So previously we knew of Investment Fiji Act and then we were working under the Foreign Investment Act and of course, the regulations,” Ms Prasad explained.
“Now the major shift you could see is we do not have a Foreign Investment Act when we have an Investment Act 2021 meaning that this Act covers all investors and it provides equal treatment regardless if one is a foreign national or if you’re a domestic investor.”
She said the Act has also allowed the ministry to revise its reserved and restricted list which “has been significantly streamlined” and featured only nine restricted activities and zero-risk reserved activities.
“However, since we have opened up to a greater length, a little bit of protection is needed.
“Therefore, the requirement says that any foreign investor coming into the country needs to bring the $300,000 as minimum and also that to protect our domestic resources.
“If the investor feels that this is too much to bring in or if you’re bringing in any special skills, then there is also a waiver process available.
“Through this process the minister responsible has the powers to eliminate this requirement for a particular investor.”
Ms Prasad said the new legislation had also introduced the national interest test. This feature, according to her, allows the ministry to assess those projects which are critical in nature.
“Such as a foreign investor intending to buy huge parcels of land or if somebody is interested in setting up a pharmaceutical manufacturing plant. “All these projects will be assessed by the ministry.”
Ms Prasad said all these legislation and information are available on the ministry’s website.
