10 May 2005

Solomons Commerce Minister says reform of investment system should encourage more private interest

10:20 am on 10 May 2005

The Solomon Islands Commerce Minister, Walton Naezon, says the reform of the country's foreign investment system is the first step to encourage greater private sector involvement.

Under the new bill launched last week, Mr Naezon, says it will take less time to approve any foreign investment application instead of up to three months under the current Foreign Investment Act.

The Solomon Islands Broadcasting Corporation reports Mr Naezon as saying that other approvals processes such as work permits and business licensing procedures will be looked at over the next few months.