16 Apr 2013

Vanuatu's PM makes changes to Investment Promotion Authority

6:22 am on 16 April 2013

Vanuatu's Prime Minister says the functions of the Vanuatu Investment Promotion Authority, or VIPA, will be transferred to the Chamber of Commerce and Industry.

Moana Carcasses has criticised VIPA for having become an impediment to investment in the country.

The VIPA Act is set to be repealed and its responsibilities transferred to the Chamber which Mr Carcasses says can carry out the responsibilities of VIPA at half the cost.

This comes after the newly-elected Prime Minister signalled a policy to reserve for locals 51% of joint ventures with foreign investments, and to stop any new foreign investment in the wholesale and retail sector.

Meanwhile, the Daily Post reports that the Chamber of Agriculture Act is also in the pipeline to be repealed with its functions also to be returned to the Chamber of Commerce.