MOU signed between VIPA and Korean company
The Vanuatu Investment Promotion Authority (VIPA) was established in 1998 by an Act of parliament as a result of the Comprehensive Reform Program (CRP) that was undertaken by the Vanuatu Government with the assistance of the Australian Government Aid Program (Ausaid).
The main function of the Authority is to promote and facilitate foreign investment in Vanuatu.
In the last decade, Foreign Direct Investment has contributed in the overall economy of the country despite the ongoing challenges encountered. The Vanuatu government realizes the importance and positive impacts of Foreign Direct Investment (FDI) and is keen to encourage more genuine investments into the country.
The Government promotes foreign investments into the country that will materially benefit Vanuatu and its people by:
Contributing to sustainable economic growth;
Create employment for the local people;
Utilize natural resoruces in particularly renewable resources and;
Increase the volume and value of exports that will generate foreign earnings to stimulate our local economy.
“While we claimed to experience growth, we seem to encounter a lot of challenges. Since 2007, Vanuatu continues to experience a drop in foreign direct investment in the country,” VIPA said through a statement.
“There could be a lot of factors that contribute to this instance though the global financial crisis that affect the world economy seems to be one of the reasons. Vanuatu as a small economy is immuned to such global issues.
“The Vanuatu government through the Investment Promotion Authority (VIPA) is proactive with new policy directions in trying to promote our investment opportunities abroad. The government realizes that there are untouched investment market abroad especially in Asia that need to be integraded in the future.
“The VIPA Board wishes to acknowledge the Government through the Immigration Office and Vanuatu Financial Service Commission (VFSC) to establish their Offices in Hong Kong to help promote Vanuatu as both a tourism and investment hub of the Pacific region.
“While we are yet to reap the results, the VIPA Board has continue to strengthen its mutual ties with a Korean Company called Global Real Estate Development (GRD) Holdings.
“This company has partly contributed in Vanuatu’s participation in the World Exposotion in Korea.
“The signing of the MOU between the CEO of GRD holdings and the Chairman of the VIPA Board has been witnessed Wednesday this week at the Grand hotel in Port Vila.
“The ceremony was witnessed by the VIPA Board members and the representative of Korean in Vanuatu.
“This mutual relationship between the two organizations will enable Vanuatu’s promotion of investment opportunities in the Korean market as well as other Asian countries.
“Foreign Investment contributes a lot in the overall economic development of the country.
“It also enables the government to achieve its priority policy objectives such as; providing local employment, improving living standard, providing better education and health services to the rural communities and improve local infrastructure. Foreign Direct Investment contributes also in the total revenue generation of the government,” the VIPA statement said.