The president said in an informal meeting Wednesday, the senators agreed with him about the importance of passing measures to reform the existing foreign investment laws.
Earlier, Toribiong said his goal for 2010 is to work with the OEK.
Reforms to the foreign investment statutes “will give an opportunity for foreign investors to invest in the Republic that will benefit the Palauan people andboost the economic activity,” Toribiong said.
Toribiong a month after he assumed office introduced a measure amending the existing law.
The bill however died in the OEK after failing to get enough votes from the lawmakers.
Toribiong reiterates the need to liberalize the investment law for foreign investors.
The president said there were three out of the 13 senators who did not attend the meeting. These were Senators Surangel Whipps Jr., Tommy Remengesau Jr., and Raynold Oiluch.
The president said the meeting was an impromptu one.
