ADB Looks at Fiji Return

The Asian Development Bank says the 2014 elections in Fiji will also change the bank’s engagement with Fiji.
RACHNA LAL
sYDNEY, AUSTRALIA
ADB country economist for Nauru Solomon Islands and Vanuatu, Milovan Lucich made these comments in Sydney yesterday.
He was speaking during the ADB Pacific Business Media Summit being attended by 20 journalists from the Pacific.
The Asian Development Bank has also noted Fiji’s economic growth is picking up in the lead-up to elections this year.
Mr Lucich said the signs of economic growth was evident. The Manila-based bank has not engaged fully with Fiji in recent years. There were allegations Australia pressured the bank not to provide Fiji support.
The Asian Development Bank Outlook will be launched next week via roadshows.
The bank’s law expert has highlighted the significance of business law reforms for business development and growth.
ADB Business Law reform expert, Aaron Levine, stressed if done correctly, business law reforms can be largely beneficial for foreign investment.
He referred to Solomon Islands which recently utilised ADB’s assistance to reform business laws there and this has exceeded expectations.
One of the key features of the law reform was a central company registry online.
With this, any individual wanting to invest in a company in Solomon Islands can check the company background with just a click of the mouse.
And although this was the initial purpose of the registry, now those using the registry includes the police as well as media amongst many others.
Also, the business law reform has resulted in am increase in new incorporated companies with reduced processing time from 45 days to only one and a half days.
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