Solomon Islands Government effects new Investment Law
The Foreign Investment Bill passed by Parliament last December will come into effect Tuesday next week.
This follows the Cabinet approval on friday (23/06/06) of a paper presented by the Minister for Department of Commerce, Industries and Employment, Hon. Francis Billy Hilly which had sought to increase the Foreign Investment Act’s Reserved List from the original 5 to 14.
Permanent Secretary for the Department Mr Jeffrey Wickam explained that the reserve list caters for business sectors reserved exclusively for indigenous Solomon Islanders.
“The Act has been maintained as it was approved by Parliament last year, and in today’s meeting, Cabinet had approved the amended regulations to do with reserve list.” He said.
Mr Wickam said under the new Foreign Investment Act, the reserved list can be reviewed every two years.
“With the introduction of the new legislation, it means the investment process has changed, has become quicker and more efficient”. He said
Meanwhile the commerce secretary has announced that a review of company laws is to be undertaken by his department in mid-July.