17 Apr 2013

Vanuatu to restrict foreigners in business sector

4:22 am on 17 April 2013

A dormant plan to only allow ni-Vanuatu to operate retail and wholesale businesses in Vanuatu is to be implemented by the new government as part of its 100-day plan.

The Prime Minister, Moana Carcasses, says the plan will restrict foreign ownership in an effort to stop the sector becoming the sole domain of the Chinese.

Meanwhile, the Department of External Trade has held workshops on legislation being drafted to protect domestic industries from increased imports and what is being described as unfair international trade.

The workshop is part of a government plan to protect those involved in producing, processing or participating in international trade.

It is hoped the planned legislation will provide Vanuatu with tools to protect its national industries and improve their competitiveness.

The first draft for submission to the Law Commission is expected to be ready by the end of May.