The Business Law reforms and Administrative Reforms Steering Committee has launched its 2009 work plan and started resuming it series of meetings yesterday at Mendana Hotel.The Chairman of the committee, Barnabas Anga, stated that since the committee was formed in 2005, the high level, public private sector forum has been more active in advising Government about core business friendly reforms in the Country.
At the launching, Mr Anga laid out the committee's achievements which included the establishment of a new process for issuing work and residency permits based on new policy and drafting guidelines for amendments to respective laws and regulations.
The enactment and implementation of the Foreign Investment Act which was introduced in 2006, the enactment of the new Secured Transaction Law in 2008, the enactment of a new Companies Act earlier this year and the introduction of a new Companies (Insolvency and Receivership) Act also earlier in 2009.
He said this impressive list of achievements demonstrates the contribution that a focused, result driven private public policy consultative mechanism can help the Government's clearly articulated policy to attract and grow more businesses in Solomon Islands.
Meanwhile the Chairman, also the Permanent Secretary of the Ministry of Commerce, Industry and Employment highlighted that the next big challenge for the Steering Committee is to drive forward the implementation of this new business legislation.
And also properly implement the foreign investment legislation and also to fully implement the new work and residency permit procedures.
Anga said the assistance provided by the Asian Development Bank and the International Finance Cooperation of the World Bank Group has boosted the Steering Committee to progress the reforms.
He added that the signing of a new MOU between SIG and IFC in May 2009 has made it possible for more of these reforms to be undertaken in 2009 till 2011.
In response, the Vice President of IFC Business Advisory Services Miss. Rachel Kyat commended the work that has been implemented by the committee.
She said "the International Finance Corporation is a strong global advocate of Public Private Dialogue led investment climate reforms, leading to sustainable lowering of time and other costs of doing business, which stimulates capital expenditure, raises GNI and reduces poverty."
She said public and private sector leaders who are investing their own time to move this reform agenda forward have to be congratulated and supported for the vital work they are doing for their economy and their fellow citizens.
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