25 Aug 2005

Fiji sets new investment rules

9:45 am on 25 August 2005

The Fiji Trade and Investment Bureau has announced new rules for foreign investment.

Amendments made to the Foreign Investment Act 2004 say that any foreign investor wanting to start a retail or distribution business must have at least US$600,000 in assets.

Any fishing business involving foreign investors must have at least 30 per cent of its shares held by Fiji citizens.

Any agricultural business must have at least 30 per cent local ownership while any inter-island shipping service must have 51 per cent Fiji ownership.

But the chief executive of the Trade and Investment Bureau, Leilun Khan, says foreign investors already engaged in any of these activities will be exempt from the new rules and may carry on their businesses.