Foreign Investment Act 2018
Enacted, not yet in forceApplies to both
Section 5 lets the Minister introduce incentives and other support mechanisms for investors after consulting the minister responsible for the relevant economic sector and, where revenue is involved, the minister responsible for finance. Any incentive introduced must be applicable to all investors, local and foreign, equally and in a non-discriminatory manner, though a grant or loan designed or funded specifically for local and I-Kiribati investors is exempted from that requirement.
A foreign investor must not invest in Kiribati without a valid certificate issued by the Registrar of Foreign Investment, and Schedule 1's Reserved List, Schedule 2's Restricted List, and Schedule 3's Prohibited List set out economic sectors and business activities reserved to citizens, open to foreign investment on prescribed conditions, or barred outright.
The Act also binds the Republic not to nationalise or expropriate an investment except by law, in the public interest, for a public purpose, on a non-discriminatory basis and with prompt and full compensation. The Act names no information-technology or data-infrastructure sector specifically among its reserved, restricted, or prohibited lists, and no provision addresses electricity grid interconnection, water use, or air emissions.
The Act was assented to by the Beretitenti and states that it commences on a date the Minister appoints by notice; no commencement notice has been located.
Source: Full text of law