Retention and expansion of existing foreign direct investments (FDIs) will be a key strategic focus for VFIPA in the new FDI context. This shift in strategy is a response to the prevailing global uncertainty due to the pandemic and other shocks that are damaging investors’ confidence and slowing down or delaying FDI announced plans. Furthermore, expanding FDIs into the outer provinces is in line with the Government’s decentralization policy.

Executives (Secretary General: Mr. Reynold Surmat and Assistant Secretary General) of the TORBA province travelled to Port Vila and met with VFIPA promotional team during the 1^st week of December, 2023. The purpose of their visit and discussion were to seek VFIPA’s advice and assistance regarding an existing investor intending to expand its operations to TORBA Province.

The Agency (VFIPA) welcomed their visit and confirms such an opportunity is in line with its current strategy and encourages the province to capitalize on the opportunity while ensuring, all arrangements are done in a transparent manner and in compliance with all relevant business rules. During their discussions, VFIPA’s investment promotion team assured TORBA executives that it stands ready to assist with any registration process they anticipate from this expansion arrangement with the existing investor.

Given its geographical location, TORBA province has been and remains disadvantaged in a big way compared to other provinces. The difficulty in access to goods and essential services on a regular manner including building materials are some of the reasons why the executives feel, the need for an FDI in the province is necessary. Passenger and cargo boats may visit the province 3-4 times a per and travelling by air to Vila and Santo is very expensive.

According to VFIPA’s registry records, geographical location of FDIs in Vanuatu has been concentrated in SHEFA, SANMA and TAFEA provinces. With this expansion opportunity, this will be the first FDI to be located in the TORBA province. VFIPA is optimistic that with the successful implementation of this FDI expansion, other provinces may consider doing the same.

Complementing this first meeting will be a follow-up visit to the province by VFIPA to raise awareness about the roles of VFIPA and importance of FDI as part of the long-term partnership building strategy for the Agency. A repeat of this visitation will also take place in other provinces.