Parliament has passed the Foreign Investment Amendment and validation bill in its second reading.

Minister for Commerce Employment and Industries, Francis Billy Hilly, said the bill sought Parliamentary approval to some aspects of the legislation after it was implemented two years ago.

He said an additional penalties clause was included to penalise people who think they can take a free ride under the new Foreign Investment Act.

Mr. Hilly said that since the new Act was implemented, many foreign investors have registered their companies in Solomon Islands.

But he said the ministry had seen that while there are genuine foreigners investing in areas they applied for, some are venturing into other areas or seek employment in the already established setups in Honiara after they have their interests registered and given residence and work permit.

Contributing to the Bill, Opposition Leader suggested to the government that the new Foreign Investment Act still have impediments which shy away potential investors.

He said there are no new incentive packages for investors in the taxation system.

Only two MPs contributed to the debate yesterday before it was passed in its second reading.

Copyright © 2009 SIBC. All Rights Reserved