By Ezra Toara

Copyright dailypost

Around 30 foreign companies, particularly from Japan, are taking part in a two-day business workshop in Port Vila this week aimed at deepening relationships between Vanuatu and Japan and exploring opportunities for investment.

Chief Executive Officer (CEO) of the Vanuatu Foreign Investment Promotion Agency (VFIPA), Raymond Vuti, said the event marks a milestone in the long-standing relationship between the two countries, facilitated through the Japan Pacific Islands Centre (PIC).

“This event is very important, as the Centre serves as a key promotional agency,” Vuti stated. He acknowledged that the cost of doing business in Vanuatu is still high, but emphasised that dialogue with foreign companies provides a clearer understanding of the investment environment.

Japanese investment in Vanuatu currently stands at about 1% of total foreign investment. However, Vuti said there is a foundation being built for greater participation, particularly in trade and tourism. Japan remains one of Vanuatu’s most important trading partners, with existing exports, visitor arrivals, and increasing cooperation.

He added that events like this encourage collaboration, attract more tourists, and generate opportunities for development. “Decisions on development projects must go through Parliament for approval. Once approved, the government can allocate specific locations for investors to operate,” he explained.

Director of the PIC, Mr. Ryuzou Saito, commented on the organisation’s mission to promote trade, investment, and tourism between Japan and 14 Pacific Island countries. “We are contributing to sustainable economic growth and building stronger ties between Japan and the Pacific,” he said.

Saito noted that Japanese companies are already involved in sectors such as livestock, farming, hospitality, tourism, restaurants, and automobile sales. He also pointed to new ventures in renewable energy, such as solar power generation for electrification in remote islands, as examples of Japan’s potential contributions.

“There is a lot of potential between Japan and Vanuatu. I am confident we can achieve more in the near future,” Saito said, stressing that Japanese companies are ready to deepen partnerships with both government and private sector stakeholders.

In a statement delivered on behalf of the Minister of Trade, Samson Samsen, the government reaffirmed its strong support for the initiative. “This two-day event promotes cooperation between Japan and Vanuatu in trade, investment, tourism, and environmental sustainability. It is timely as Vanuatu embarks on crucial projects to support its recovery,” the statement said.

The Minister’s statement recognised that while Japanese investment currently accounts for only 1% of foreign direct investment in Vanuatu, the success stories of existing Japanese companies can inspire more businesses to follow. He also highlighted Japan’s role as a long-standing trading and donor partner, especially through its Official Development Assistance (ODA), which has supported infrastructure and other key projects in the country.

It pointed to opportunities in tourism, agro-processing, information technology, and renewable energy as priorities for investment. The government has shown openness to foreign investors by streamlining procedures and launching initiatives such as the Vanuatu e-Business Link portal to make business registration faster, cheaper, and more transparent.

The Minister’s statement also welcomed innovative projects aligned with the Sustainable Development Goals (SDGs), such as TOSHIBA’s Delighting Everyone Project, already active in Vanuatu. He encouraged visiting companies to consider the urgent need for civil engineering, construction, and infrastructure development in rebuilding Port Vila, following the 2024 earthquake.

It reiterated that the event “provides an opportunity to identify investment prospects, explore potential public-private partnerships, and engage in meaningful dialogue to achieve lasting outcomes for Vanuatu’s economy.”