Public Administration News
Share
 |
Fiji: Fast Track for $m Applications |
| Source: |
fijitimes.com |
| Source Date: |
Friday, January 21, 2011 |
| Focus: |
Electronic and Mobile Government, Citizen Engagement, Internet Governance
|
| Country: |
Fiji |
| Created: |
Jan 24, 2011 |
|
THE Government has streamlined its investment approval processes from 22 agencies to just one. The one-stop-shop concept follows that of the Economic Development Board (EDB) of Singapore, a government statement said. The Economic Development Board will be mandated to approve all foreign investment applications including local investment applications worth more than a million dollars. "The board will be initially chaired by the Prime Minister or his nominee and shall consist of the Minister of Industry and Trade and relevant permanent secretaries, directors and heads of other approval agencies. The board will be 'time bound' to approve all applications within a stipulated time frame," the statement said. Trade and Industry Minister Aiyaz Sayed-Khaiyum presented the submission to Cabinet.
In his submission, Mr Sayed-Khaiyum described the existing investment approvals process (IAP) as cumbersome and counterproductive to Government's investment promotion objectives. He said Fiji's IAP started with all foreign investors lodging an application with the FTIB. After obtaining the Foreign Investment Registration Certificate (FIRC) from FTIB, the investor then had to obtain approvals from up to 22 separate agencies. "As a result, the country, as an investment destination, has lost investment opportunities over the years due to long delays and unresolved issues with relevant approving agencies," he said. In order to bring about a change in the investment approval process, the Attorney-General said the review of the FTIB to allow it to be more focused in meeting its objectives was being facilitated. He added the establishment of an EDB to approve all foreign investment and local investment over a million dollars, would fast-track the implementation of investment projects.
|
|
|
|
|
|
 Tag This |
Fiji: Fast Track for $m Applications THE Government has streamlined its investment approval processes from 22 agencies to just one The one-stop-shop concept follows that of the Economic Development Board EDB of Singapore a government statement said The Economic Development Board will be mandated to approve all foreign investment applications including local investment applications worth more than a million dollars The board will be initially chaired by the Prime Minister or his nominee and shall consist of the Minister of Industry and Trade and relevant permanent secretaries directors and heads of other approval agencies The board will be time bound to approve all applications within a stipulated time frame the statement said Trade and Industry Minister Aiyaz Sayed-Khaiyum presented the submission to Cabinet
 Tell A Friend |
|
 del.icio.us digg this Slashdot |
| Rate: |
0 ratings
|
Views: |
85 |
| Comments: |
0 |
Favorited: |
0 |
Bookmarked: |
0 |
Tagged: |
0 |
|
|
|
|