Investment promotion agencies from the 14 Pacific Islands Forum countries have agreed that efforts to attract investment must be accompanied by greater transparency, political stability and a more streamlined procedure for investors.
The heads of the investment promotion agencies met in Tokyo recently.
They say there is a need for better government policies to facilitate foreign and domestic investment.
Pacific Islands Forum investment policy officer, Henry Sanday, said the agencies agreed on the importance of encouraging local investment.
"Foreign investment yes, many coutries would really like to have a portion of foreign investment but it is very competitive. And because of increasing competition for foreign investment, there has been a renewed focus on the need to encourage domestic investment, beginning with micro-enterprises, small and medium enterprises and of going back to domestic entrepeneurship."
