The Chamber of Commerce believes that Samoa needs large foreign investments and job creation right now in order to sustain private sector growth and development.
However, the Chamber’s Chief Executive Officer (C.E.O), Ane Moananu, recognizes that the government has an important role in facilitating these new investment opportunities, both local and in conjunction with overseas, ensuring that they are consistent with Samoa’s development priorities and laws. This is in light of recent comments made in Samoa Observer’s editions on Tuesday 11 and Friday 14 on issues relating to Samoa’s foreign investment regime.
In 2011, the Chamber had raised similar concerns, particularly on the gradual increase of foreign retail businesses, a sector where typically Samoans would be investing in.
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Last Tuesday, the C.E.O of the Ministry of Commerce, Industry and Labour (M.C.I.L), Auelua Samuelu Enari, confirmed that the Ministry had taken action to address the growing number of complaints against foreign-owned retail businesses breaking the law.
While the Ministry’s monitoring and enforcement role seems to be at an all-time high, the Chamber’s C.E.O believes there is still a bit of work that needs to be done to enforce Samoa’s foreign investment regime. “We applaud the Government and their efforts in facilitating and monitoring new investments,” says Mrs. Moananu.
“However I believe there is a need to clarify and promote the role of the Foreign Investment Advisory Committee, to try and improve the quality of screening of new foreign investment proposals.”
The Chamber as a member of the Advisory Committee supports a transparent regime and policy that include minimum requirements for bringing foreign capital to Samoa, employing Samoan workers and demonstrating how the investment meets Samoa’s development priorities.
“We recognize the need for the Government to review the relationship between the foreign investment and immigration regimes and ensure that thorough character and background checks are undertaken before foreign investment approval and immigration clearance is granted.”
The Chamber C.E.O added that the private sector would welcome an investigation of why Samoa outranks other Pacific nations such as Vanuatu, Fiji and P.N.G in the World Bank’s Doing Business indicators, but those countries still seem to be able to attract more foreign investment and tourism development.
The outcome of such a study would help inform Samoa’s foreign investment policy.
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