The Vanuatu Investment Promotion Authority (VIPA) was established following a recommendation from the Comprehensive Reform Program (CRP) undertaken in 1997 and sponsored by the Asian Development Bank (ADB).
[1] The need to have an institution aimed at developing clear guidelines governing the promotion and facilitation of foreign direct investment was a key component under the CRP strategic pillar - Improving the incentives for private sector growth and employment.
In 1998 and onward, VIPA began implementing the Foreign Investment Act [CAP 248], still operating under the Public Service Commission (PSC).
As in any organization, the need to excel and deliver on their missions requires effective leaders with clear visions and energy to drive strategies to achieve set targets.
Preceding VFIPA’s formation (formerly known as VIPA), the need for FDI at that time was very crucial however, business environment was not as expected to attract foreign companies to invest in Vanuatu.
The VFIPA remains pro-active in its role of policy advocacy in collaboration with its key partners to push for reforms that will contribute improving the country’s EoDB ranking.
Aftercare services for policy advocacy purposes is a critical role the VFIPA is also undertaking including the fast tracking of permits and licenses issued by other Government departments.