Foreign investment authority creation costly
BY MATTHEW VARI
THE creation of a new authority amidst a cost cutting year expected by government will not sit well on the recurrent expenditure budget books as yet another agency is being expected with the now withdrawn Foreign Investment Bill.
Commerce and Industry Minister Wera Mori pointed the strong intention of review and amend various sections in the Foreign Investment Regulatory bill, earmarked to be reintroduced in the May session of parliament.
“So why would you want to create a new authority, when we simply can look at achieving the same results but at the cost effective way of doing it.
“I am strongly advocating for amendments to the Investment Authority Act. So that we have got to create provisions and we might demarcate responsibilities whereby we have registrar of companies and we have two sections.
“One for foreign companies and the other for local companies so we can basically make relevant amendments to appropriate sections in IPA to give that effect.
“Otherwise we create a beast where you have got to look for office space, money to pay them, and if they can’t pay what they will do is they will pass on the cost to those who will pay for the services.
He said while the concept of the bill is good in general, considerations have to be put in place on how much it will affect the entire business system in the country, so that any changes suit the country’s needs with minimal disruption to the economy.
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