18 Apr 2013

Limiting foreign ownership in Vanuatu won't hurt local chinese operators

8:15 am on 18 April 2013

A ni-Vanuatu Chinese businessman is confident that Chinese operated businesses won't be too affected by a new plan to restrict foreign ownership in Vanuatu.

The Prime Minister, Moana Carcasses, says the government aims to restrict foreign ownership and stop the sector becoming the sole domain of the Chinese.

Greg Wu, who is also the vice president of the Chinese Club in Port Vila, admits there is tight competition among so many Chinese wholesale and retail run businesses offering very cheap prices.

But says this competition impacts positively on the economy.

"Most of the Chinese here, are naturalised citizens. So I think that policy only apply for all the new investor coming into the country so locally, all the Chinese here now, I dont think it will affect them too much."

Greg Wu says they will just wait and see how this policy is actually implemented.