FOREIGN INVESTORS TO PAY DEPOSITS IN VANUATU

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PORT VILA, Vanuatu (September 28, 1999 – Radio Australia)---Vanuatu's Foreign Investment Board reports that foreign investors wanting to establish businesses in the country now must provide a deposit of US$ 38,000.

Vanuatu's Department of Trade warned that any new foreign investment proposals submitted without a deposit will not be considered.

A department spokesperson said the move was prompted by the fact that many previously approved projects were not implemented.

He said the deposit will provide the Foreign Investment Board with an indication that investors are committed to their proposed projects.

The fund also will be used in situations where an approved project becomes bankrupt.

For additional reports from Radio Australia, go to PACIFIC ISLANDS REPORT News/Information Links: Radio/TV News/Radio Australia.

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