Toribiong answered queries from members of the Palau Chamber of Commerce during the chamber’s General Membership meeting at the Palau Pacific Resort Conference Room on Tuesday.
The president said the bill will open up Palau to foreign investment and make it an investor friendly nation.He said the bill is a very important piece of legislation to the sustainable economy of the country.He said that 2009 is a crucial year for Palau with the Compact of Free Association economic package from the United States expiring in October.The meeting gave the chamber’s members the opportunity to ask questions regarding the bill.The Chamber is scheduled to appear before the House of Delegates today for a public hearing regarding the measure.Toribiong introduced a piece of legislation which will prescribe a new framework for foreign investment in Palau and to repeal the existing Foreign Investment Act.He said under the proposed measure, the approach will be transparent and will ensure a free market approach .The measure will also require all other non-citizen investors to do business in Palau in the form of a corporation and it will not restrict non-citizens from conducting some business activities but will not totally exclude non-citizens as what the current law does. The proposed measure also establishes new fees and minimum investment of $250,000.This minimum investment can be cash or in tangible assets certified by CPA.
