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The government is particularly interested in encouraging
investment in tourism, agriculture, fishing, forestry
and timber products. However, there are restrictions to
ensure that natural resources are not over-exploited.
The thrust of government thinking is to encourage labour
intensive industries, using local products that will
lead to import substitution.
Tourism is one of the major growth industries of
Vanuatu. The country is now well established as an
attractive tourist destination and significant potential
exists for its rapid growth. Vanuatu is well placed in
the South Pacific region as a holiday destination for
tourists looking for a more relaxed but comfortable
holiday environment. The Pacific region in particular is
attracting an increasing share of the world's expanding
tourist market. Significant funds have been committed
and the promotion and development of tourism continues
to be actively encouraged.
Increased flights by airline Companies and the
introduction of flights from september 2004 by Virgin
Pacific Blue, have created a demand that is testing both
the capacity of existing hotels and the current
infrastructure of the industry. The country really needs
investment not just in upgrading existing hotels but
also in new hotels and its tourism infrastructure. At
present, tourists come mostly from Australia and New
Zealand. Clearly, the next potential tourist market for
Vanuatu should be Southeast Asia or possibly the United
States. The size and the capacity for spending of both
of these markets could create huge benefits for Vanuatu.
Manufactured goods exported from Vanuatu generally enjoy
concessionary entry arrangements into Australia and New
Zealand under various trade agreements. These agreements
continue to be upgraded on an ongoing basis. On another,
equally pleasant note, the various accountants and
lawyers in this tax haven can usually find ways and
means of cutting down on the income tax you may have to
pay overseas (that is if, for some reason that escapes
us, you still wish to live in a country burdened by tax).
So, if you have a spare moment while in Vanuatu, don't
hesitate to call in to see one of the expert consultants
who will look into possibilities with you. You have
nothing to lose and everything to gain.
Lionel Zahra,
Septembre 2006
Lionel Zahra est expert-comptable
et associé de BDO Barrett & Partners
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