Govt plans to review laws to build investor confidence


The Government will review and amend some laws in the country to build confidence for investment.
This is part of the Government’s 100-day plan to address the economic situation in the country.
Deputy Prime Minister and Treasurer Charles Abel said the private sector was very concerned about some of the proposed amendments to the Land Act and the Investment Promotion Authority Act.
Abel said some of the provisions in agriculture that were brought up included the Agriculture Administration Adjustment Act, the Agriculture Investment Act and the Biosecurity Act.
He said in the mining sector some of the proposed amendments to the Mining Act and the Mineral Resources Authority Act would be looked at again.
“We are going to slow down on those ones and we are going to review them. We listen to the business community what is really the issue.
“They are saying very strongly that it is affecting confidence. They are a bit concerned with some of the reserved activities in small to medium enterprise (SME).
“We need to be understanding and listen and say we want to support SMEs but maybe this is going too far and killing off investment.
“We are committed to listen to our business community and review some of the specific issues that are being raised affecting confidence and investment.”
In the meantime, Abel announced that the National Energy Authority Bill would be tabled in Parliament.