Investment Promotion Marketing Plan – Post COVID Adaptation

The CEO and Board of Directors is now working towards hiring two consultants to assist in the development of the Foreign Investment Promotion and Marketing Strategy.

This strategy will include key marketing strategies that will guide Vanuatu through the COVID 19 global investment scene and provide key recommendations on what the Agency should undertake to ensure continued investment inflow and domestic expansion as well.

The advertisements for the key positions has been put out and the Agency will make a recruitment by February. The strategy should also assist the Agency and the Vanuatu Government in improving some of its key incentives to promote Vanuatu’s investment location.

All work carried out by the consultants will be closely monitored by the CEO and Management. The Foreign Investment Promotion and Marketing Strategy should be finalised by end of March.

Structure Review and Amendments

One of the key tasks under CEO Aru’s agenda is to ensure human resources and welfare is primary. With this focus, the CEO and his management team have worked on reviewing the outdated organizational structure to ensure that staff capacity is recognised and improved.

With the assistance of Human Resource Advisor to the Public Service Commission, Ms Margaret McFarlane, the Board made an initial approval to the VFIPA Organizational structure. Ms McFarlane has assisted the Agency with other key HR matters.

VFIPA Act; How is it working so far?

The current VFIPA Act was passed by the Parliament in December 2019 and gazetted on the 15th of January 2020.

The work to put in place this Act has taken the Agency more than 5 years and had gone to the Parliament after close discussions with the private sector.

However, discussions are still continuing with the private sector through their representations on the VFIPA Board that will now see some minor amendments and a review to be done this year.

This will mean key changes will be made to the Act which should favour foreign direct investment attraction to Vanuatu.

Review of VFIPA Forms

The VFIPA is fortunate to have the assistance of the Agency’s Deputy Chairlady of the Board of Directors, Ms Francesca Grillo, assist in reviewing all current VFIPA forms.

The forms are undergoing a thorough review which will ensure that any new or existing client comprehends what is required of them before or during their investment in the country.

The review is being undertaken on all forms, new, variation and annual surveys that should enhance client understanding of the key requirements and includes processes that other key departments require from them.

Foreign Investment Forum

A foreign investment forum by the VFIPA and with the support of key government agencies will be held later on in the year.

This will allow private sector space for in depth discussions on processes that are currently in place for attracting inward FDI and key responsibilities that investors must be aware of when committing to investing in Vanuatu.

A date and venue for this event will be made available soon.

Strengthened Compliance

In the past years, VFIPA compliance work did not take full effect as it should have.

This year however, the Certification and Implementation Division is ensuring a full-time compliance officer is engaged in all compliance activities. This will mean quarterly visits to key investments, ensuring that the activities that have been applied for are being implemented and report any problems to the Management.

Compliance in the past years had only been done through joint compliance work with Immigration and Labour Departments. However, the Agency will now initiate its compliance work that will look at investor compliance matters and difficulties in operations/ implementation.

The compliance officer will also work with other key departments to address key issues that are raised with the Agency.