Investment and Economic Development in Vanuatu
Explore Vanuatu's efforts to attract investment and promote economic development, focusing on the role of the private sector, major challenges faced by the economy, initiatives to support businesses, and strategies to reduce the cost of doing business. The government is committed to creating a stable and predictable environment by engaging with the private sector.
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PROGRAM DAY 1 Session 2: Investment and its Role in Economic Development Acting Director General Tony Sewen Ministry of Finance and Economic Management
Session 2: Investment and its Role in Economic Development What is Vanuatu doing to attract investment? A) The Engine of Our Economy: The Vital Role of the Private Sector The private sector is the backbone of Vanuatu s economy Businesses generate jobs, create wealth, and drive innovation. A healthy private sector fosters a more competitive and dynamic economy.
Session 2: Investment and its Role in Economic Development What is Vanuatu doing to attract investment? B) The Engine of Our Economy: Major challenges facing the economy High cost of doing business Access to credit is still a major challenge for businesses Skill labour is still a major issue Labour mobility programs have also contributed to reduced number of workers Correspondent banking relationships is still a major challenge for banks Connectivity is also a major concern Climate change and disasters continue to have a huge impact on our economy
Session 2: Investment and its Role in Economic Development What is Vanuatu doing to attract investment? C) Investing in Your Success: How We re Supporting Businesses Streamlined procedures for business registration and permits. Competitive tax regime and investment incentives. Improved access to finance and business development support
Session 2: Investment and its Role in Economic Development What is Vanuatu doing to attract investment? D) Addressing the Challenge: Reducing the Cost of Doing Business We acknowledge the current challenge of a high cost of doing business in Vanuatu. We are committed to implementing strategies to reduce these costs. Streamlining regulations and bureaucratic processes. Investing in infrastructure development to improve efficiency and enhance productivity (Capital Budget). Fostering competition within key sectors to drive down prices Providing subsidies and other forms of financial reliefs (covid-19 Banking facility)
Session 2: Investment and its Role in Economic Development What is Vanuatu doing to attract investment? E) A Stable and Predictable Environment: Government and Private sector to engage more The Vanuatu government is committed to work with the private sector to ensure that any future legislations does not contribute to any increase of cost to the private sector. We are committed to a stable and predictable regulatory environment. That fosters trust and allows businesses to plan for the future with confidence.
Session 2: Investment and its Role in Economic Development What is Vanuatu doing to attract investment? F) Innovation is Welcome: Your Ideas are Valued The Vanuatu government is open to new and innovative business ideas. We encourage you to share your vision and explore potential partnerships. We are committed to fostering a climate that embraces creativity and entrepreneurship.
