Suva, Jun 16 (IANS): The approval process for foreign and domestic investment proposals in Fiji is set to become more business-friendly.

This follows recent reforms spearheaded by Fiji's Ministry of Commerce, Trade, Tourism and Transport to streamline Fiji's investment regulatory framework to be more friendly, state owned Fiji Broadcasting Corporation news website reported on Wednesday.

This means that Fiji's Investment Act will increase the island nation's ability to attract foreign and domestic investment across key sectors.

The aim is to generate foreign exchange, knowledge and technology-intensive jobs and help with the long term recovery of the Fijian economy, in the wake of Covid-19 impacts, Xinhua reported.

Passed by the Fijian Parliament this month, the new law, which replaces the Foreign Investment Act of 1999, also protects domestic interests with provisions on reserved and restricted activities where domestic businesses are considered vulnerable.