Review of 2003 Investment Code timely
The Business Trade and Investment Board BTIB has been tasked with undertaking a comprehensive review of the Investment Code 2003 to identify whether or not existing legislation and policy, is reflective of today’s demands in terms of business, trade and foreign investment initiatives.
Since the inception of BTIB’s Investment Code 2003, changes to government policy have not reflected an accurate picture towards particularly foreign investment initiatives because of the restrictive nature and desire “to protect” Cook Island people in reserved areas. To some degree, this has proved to be a disadvantage and discouraging to potential investors.
The intention of this review is to ensure that government’s objectives in terms of business, trade and investment policies are robust and clearly defined that provides a “level playing field” to encourage both internal and external investment opportunities. It is also considered timely from BTIB’s perspective, to take stock of its own role and responsibilities to ensure government’s interests are being maintained as well as protect the interests of the business community of the Cook Islands.
This review will be undertaken by local consultants Patrick Arioka (Project Leader) and George Turia (Associate) supported by BTIB over a period of 8 weeks commencing 14 June 2010 and will involve meeting with relevant stakeholders including government agencies, Chamber of Commerce representatives and private sector business and community organizations within civil society followed by visits to selected outer islands, to seek the various views and comments to assist with the review process.
An analysis of the consultation responses will form a major part of the overall review outcomes and will assist in the compilation of the final report outlining future directions for BTIB’s consideration. Recommendations to BTIB on the status of the Investment Code 2003 and any subsequent changes or amendments will follow the review and consultation process.
The emphasis of the review will focus and include (but not limited to) the following areas;
1. Relevancy of the Investment Code 2003 in today’s business, trade, investment and economic environment within the Cook Islands
2. Strategic linkages to Government’s overarching National Sustainable Development Plan NSDP and relevant sector based agencies such as Tourism, Agriculture, Marine Resources, Immigration
3. Defining the role and functions of BTIB in anticipation of likely changes to the Investment Code
4. Custom and tradition in terms of land usage and how this relates to investment opportunities
5. Specific identification of status as outlined in the Investment Code relating to “priority; reserved and exemptions” areas and whether or not, these are still applicable
6. Should our foreign investment policy reflect global investment trends requiring the Cook Islands to “open up” criteria for foreign investors or should restrictions be imposed? If so, what kind of restrictions should apply
7. Clear policy directions regarding foreign workers and to what extent, restrictions or conditions should apply
8. Clear policy directions regarding investment protection and investment dispute resolution mechanisms
9. Monitoring and compliance of both inflow and repatriation of investment profits, is it adequate
10. Intellectual property rights related to Cook Islands produced products
11. Is the current legislation protecting the rights of Cook Islands business people regarding business trade and investment opportunities
12. Any other comments or views that will add value to the review process
The time factor for the consultation process will vary depending on the size of participant groups but it is expected to take no more than up to 2 - 3 hours. Venues will be announced in due course.
Copies of the Investment Code 2003 will also be made available to all participants at the consultation meetings or can be picked up prior from the BTIB office in Avarua. You can also email the following people for further information. Nga Takaiti at nga.takaiti@btib. og v.ck and Patrick Arioka on ariokap@gmail.com
This review is important to ensure that BTIB on behalf of government is protecting the overall interests of the people of the Cook Islands in terms of business, trade and investment opportunities. Your attendance and contributions will be valuable during the consultation process and we look forward to seeing you there.-BTIB media release
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