12 May 2007

Tonga's new foreign investment regulations overdue - says govt official

9:09 am on 12 May 2007

Tonga's assistant to the Minister of Labour, Commerce and Industries, Utita Tekiteki, says new foreign investment regulations are well overdue.

The Foreign Investment Act 2002 came into force on April 1 this year.

The new Act reserves certain business activities for Tongans, including certain types of fishing, retailing activities and the farming of root crops.

Ms Tekiteki says it's a good thing, as long as its administered properly and Tongans take up those reserved businesses opportunities successfully.

And she says there is now a Restricted List under the Act, consisting of other business activities that foreign investors can operate.

"I think the Act is good in the sense that it allows transparency for foreigners. I mean they are able to know before they come into Tonga, what activities are open for them and what activities they can come and invest in and will be granted a business license in that area."

Tonga's assistant to the Minister of Labour, Commerce and Industries, Utita Tekiteki.