Foreign investors will be allowed to enter restricted activities without local shareholding. However, approvals will be at the discretion of the Minister responsible for investment.
The Foreign Investment Act defined "reserved" and "restricted" activities. Agriculture is listed as a "restricted" activity and a foreign investor that wishes to do business in the agricultural sector must have at least a 40% equity held by Fiji citizens.
The amendment now provides the Minister responsible for investment discretionary authority to allow a foreign investor to invest in "restricted" activities without local equity participation.
The Minister's evaluation and approval will consider issues such as " the business history of the foreign investor; history of the foreign investor; the financial ability and capacity of the foreign investor; the management systems being brought in; the expertise and level of technology to be introduced; the type of capital intensive agro-businesses coming in; the need for such investment; and any other relevant matters.
The 40% local equity participation will remain for activities such as market gardening, cane farming and less capital intensive forms of farming.
Note from GV : Foreign investors that need assistance to invest or set up business in Fiji can use our company, Gilbert & Samuels Company Limited, to facilitate all necessary approvals, licences and permits. To contact us, you can e-mail gilbert@connect.com.fj or call telephones +679 3396427 or +679 9921427.
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