31 May 2006

Solomon Islands to repeal Foreign Investment Act

9:42 am on 31 May 2006

The Solomon Islands government plans to repeal the Foreign Investment Act 2005 in favour of new legislation to encourage more investors.

The SIBC reports a new foreign investment policy was outlined last week.

Prime Minister Manasseh Sogavare says the Grand Coalition Government wants to allow for a Trade and Investment Board to be introduced.

The government wants to establish free-trade zones where low production costs and tax concessions are applicable.

It says these zones will also accommodate early stage developments of key projects carried out by foreign investors.

The Policy says the government wants to encourage investment in the manufacturing industry.

It will also ensure the financial system in the country is attractive to investors.