VIPA kick starts consultations on its National Investment Policy

VIPA’s National Investment Policy will set realistic foreign direct investment aspirations and a focus for Vanuatu’s promotion efforts.

With the assistance of the ADB in providing an international consultant to take lead in drafting the National Investment Policy, VIPA is confident that the policy will affect positive changes to its services and functions that should encourage investment promotion and growth for Vanuatu.

Work on the review of the National Investment Policy will include identifying realistic sector investment strategies, developing a focused promotional campaign in sectors with the most comparative advantages of investing in Vanuatu and specifies key business processes for establishing a business in Vanuatu.

Mike Mullins from the Pacific Private Sector Development Initiative, a working group of consultants providing support to the Pacific Island counties including Timor-Leste, under the Asian Development Bank is the international consultant assisting the Ministry of Trade and Industry through VIPA with this work.

Consultations have been made with key government departments and are continuing with the private sector and relevant associations from Port Vila and Santo. The team is currently in Luganville Santo meeting with key stakeholders.

A National Investment Policy Steering Committee (NIPSC) has been set up with VIPA as the Secretariat that oversees the progress made and will assist the consultation team in presenting the final policy statement to the Ministry of Trade and Industry and other relevant stakeholders.

The public will be provided with updates as this work progresses.