Manasseh Sogavare announced to a visiting Taiwanese Trade and Investment Mission that the new Foreign Investment Act will speed application process for foreign investors.

"Before, you have to wait for months and sometimes years to get your investment application approved but now you can get approval within a matter of days," said Sogavare.

Sogavare also stated that his government was also working to introduce economic zones in selected locations throughout the country in an effort to boost economic development.

"Now we want to move further than that by establishing economic zones that we learnt during our trips to Taiwan. We are still working on the legislation and definitely it will go before the next sitting of parliament in November."

"We see that as a big boost or drive for development," the Prime Minister said.

The Taiwanese Trade and Investment mission, which arrived in the country on Tuesday, is the first of its kind to visit Solomon Islands.