Minister for Industry and Trade Premila Kumar says the Fijian Government is currently in the process of updating Fiji's competition policy and legislation.
Kumar highlighted this while speaking at the 2019 Business Summit at the Holiday Inn, Suva stating that investment figures in Fiji have been very positive with over 25% contribution to the GDP and private sector investments contributing approximately 15%.
Kumar added that investment has remained positive in 2018 with new lending by commercial banks for investments increasing by 1.4% to $565.7 million.
She says the current investment laws of Fiji have not been able to be respond to the needs of a modern investment climate and for this purpose, the Government has engaged the International Finance Corporation and the World Bank Group to undertake the review of the investment policy law.
Kumar adds that whilst the Government continues to provide relevant infrastructure, it is equally important that the policy and regulatory framework are reviewed and revised to meet the market demands.
The Minister says the Ministry is working in consultation with the Singaporean Government to review, redesign and harmonize building permits process and starting a business process.
She adds that by the end of June 2019, an online information portal will be launched which will provide all information in relation to building permits and starting a business.
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