Earlier Toribiong introduced a proposed measure which will change Palau’s business climate into an investor friendly environment.
The General Membership meeting for this month is at 11:30am at the Palau Pacific Resort Conference Room.The Foreign Investment Committee of the chamber has reviewed the legislation and said that it is appropriate that the membership be given the opportunity to present their feedback and recommendations to the bill.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.The new legislation will change the foreign investment law because the economy is bad.Toribiong said that the current foreign investment law is not only “burdensome but intrusive.”He said under the proposed measure, the approach will be a “transparent, free market approach where the success of any particular investment will be determined by the market.”The measure also creates an advisory board to assist the president and the OEK going forward with the investment policy. The board however will not be directly involved in proposed investments.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.
