A time to clear the decks, VFIPA’s move to clear the old and focus on the new.
With the COVID-19 still in place and boarder restrictions now extended to December 2020, VFIPA has embarked on an internal “clearing of the decks” mission.
The Certification and Implementation Division within VFIPA is now tasked to clear out all old VFIPA records to ensure information that is kept within the database is current and of relevance.
This clean up mission comes as one of the key initiatives by the Agency’s newly appointed CEO, Mr Howard Aru, to ensure that VFIPA’s files are of relevance and the Agency is focused on moving forward on a much clearer slate once travel restrictions are lifted and investor inflow can begin again.
As the pandemic and related restrictions drag on, the management sees the need to tidy up administration matters in order to support new changes that it wants to see happen within the Agency.
The clearing up of old files will be focused on businesses that have not renewed for the past 3 years and will see files that go back as far as 1998 being officially removed from the VFIPA database. Due process is being undertaken to ensure that all businesses in question will be contacted through the available means of contact and other key agencies such as the VFSC to verify that they are no longer in operation before they are officially cleared off by the VFIPA Board of Directors.
The key developments that the Agency will be embarking on will include a strengthened investment promotion strategy, a move to digitalize the foreign investment start up process flow and more importantly rejuvenating the One Stop Shop initiative that the Government has longed to see improved.
The Agency will be working in close discussions with key government departments and the private sector to ensure that these developments are achieved.
Although restrictions remain, the Agency continues to see new FDI applications come in although not in its usual average figures.
These new investment proposals are mostly existing businesses that are expanding their business activities to include new activities that will boost their business dynamics and keep their operations open.
Although the Agency sees this as a positive by respective businesses to ensure operations continue and employment is still provided for locals, it is highly cautious of the further impacts that a continued lockdown can mean for these businesses and the overall economy of the country.
The Agency will continue to be part of key discussions that will support new ways of doing business and ensuring business viability in this challenging time.