Sen. Adalbert Eledui, who also chair the Senate Committee on Resources, Commerce, Trade and development in an interview said that these inputs will be reviewed by the committee.
Eledui, who also re-introduced the bill said, from the review, whether a public hearing is necessary will be determined.
He however is confident that this time, the measure will get the majority support of the Senate.
He said that members of the committee has pledged their support to the bill.
“This bill is well received by the other senators,” Eledui said.
Senate Bill 8-126 puts in place a straightforward and speedy licensing procedures for foreign investors.
It also aims to overhaul the current foreign investment laws to entice foreign investors.
Earlier the Olbiil Era Kelulau (OEK) rejected the foreign investment bill introduced by President Johnson Toribiong.
This re-introduced bill, is the conference committee version prior to the Senate rejection of the previous foreign investment measure originally introduced by Toribiong.
The measure calls for the creation of a Foreign Investment Authority (FIA) which function is to advise and assist the President in the promotion and encouragement of foreign investment in Palau and to act as a liaison between Palau government agencies and private business in the promotion foreign investment in Palau.
The 17-page measure also stated that the FIA will be composed of five appointed members who shall be Palauan citizens residing in Palau and who have sufficient knowledge, experience and expertise in the areas of business policy affairs or related fields.
The investor will be issued a PFI charter in which at least 51 percent of the corporation’s common stock is owned by citizens, shall not be required to have their PFI charters reviewed by the Foreign Investment Authority, and shall be permitted to engage in business without a PFI Approval Certificate.
The new measure will require a minimum investment of $250,000. Current law requires $500,000.
Eledui however said that all land and water transportation services, laundry and dry cleaning services not associated with and contained within a hotel complex; restaurants not associated with and contained within a hotel complex will not be reserved exclusively to Palauan ownership.
The bill originally reserved these businesses to Palauans only.
