FDI AWARENESS – SANMA PROVINCE

DATE: MONDAY, 20 JUNE 2016 – VENUE: VNPF CONFERENCE ROOM, LUGANVILLE, SANTO

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Communities and the public at large need to have a better understanding of what really is foreign direct investment and the benefits it brings with it. This need is demonstrated by the ongoing negative perceptions public including the government have about FDI in Vanuatu. The general view was that foreign companies established in the country will claim state assets at a cheap.

Foreign direct investment (FDI) can have both advantages and disadvantages effects on an economy. Vanuatu as a developing economy believes very strongly that it needs FDI because it will contribute to its long term development goals. To achieve this, both the government, private sector and the general public need to be aware of why VIPA exists and its role to promote FDI into the country.

The long term objective of this awareness workshop is to foster positive perception on foreign direct investment to the general public– that the best option for foreign capital inflow that accelerates growth, offers sustainable and long term benefits is “foreign direct investment”.
More specifically, by the end of the workshop the participants:

  • Will have a better appreciation of what foreign direct investment is, the benefit it brings and foster a welcoming attitude to foreign businesses in SANMA province.
  • Will become VIPA’s FDI advocator in the field and assist where appropriate to facilitate FDI in the province
  • Will assist identify and pursue best policy options that will contribute to increased level of FDI in Luganville and in SANMA province.

A number of attempts have been made during the past to undertake provincial tours to conduct FDI awareness but were not successful due to lack of financial capacity. Such initiative was not only to raise awareness on FDI and its benefits in general, but to also tell people what VIPA is doing how they can work together to promote and facilitate FDI.

This one-day awareness workshop on foreign direct investment was the first of its kind to be organised by the Vanuatu Investment Promotion Authority (VIPA) since its establishment in 1998. It provided an opportunity for VIPA to raise positive perceptions about its roles as well. Lessons learnt will serve as a spring board for similar workshops planned for other provinces as part of VIPA’s overall “image building” strategy.