RAMSI Special Coordinator James Batley said today that the Foreign Investment Act would help free up the economy and encourage growth, benefiting the people of Solomon Islands in the years ahead.

Welcoming the commencement of the Act which was announced yesterday by the Minister for Commerce, Industries and Employment, the Hon Francis Billy Hilly, Mr Batley described it as a firm step in the right direction which would have long term benefits for the country by encouraging foreign investment.

“The decision is a milestone on the road to recovery,” Mr Batley said.

“Solomon Islands cannot recover and grow strong by cutting itself off from the rest of the world. That is the lesson in country after country around the world. Recovery in Solomon Islands will not happen overnight, but without serious reforms like the Foreign Investment Act, the economy risks going backwards in the next few years. No-one wants to see that happen.

“The Act is not the only reform that is needed, but it’s an important one. The government should be congratulated for bringing the Act into force.”

Mr Batley said the new law would not just encourage foreign investors. Solomon Islands businesses would themselves be winners because of the need by foreign investors for local products and services.