Koanapo pushes for policy to protect suburbs for local businesses

April 27, 2026 10:03 pm | Posted in Business News | Share now TwitterFacebook

By Anita Roberts.

Deputy Prime Minister (DPM) and Minister of Finance, Johnny Koanapo, has stressed the need for Ni-Vanuatu to take ownership of their economy as foreign-owned businesses expand into suburban areas.

He said that Chinese-owned shops have been established in many suburban areas in Port Vila and even rural areas, where locals should be in control.

Last week, the DPM announced that the Council of Ministers (COM) had approved a banking facility worth more than VT900 million to support farmers and boost food security. The credit will be available through banks for farmers to borrow at an interest rate of not more than 5 percent.

In his remarks, Koanapo challenged young people to take advantage of the facility and invest in sectors such as poultry, as Vanuatu still imports much of its chicken and eggs.

He urged them to explore other opportunities such as growing kava and taro. He encouraged them to start their own businesses instead of working for others.

The DPM strongly emphasised the importance of locals taking ownership of the country’s economy. He said the government must soon develop policies to protect suburban areas for young people to invest in economic activities.

“It is important that we control our economy. We have allowed many Chinese-owned shops to be established in suburbs where we should be in control,” he said.

“Sooner or later, the government must come up with policies to protect these places and allow our young people to take advantage of such facilities, the banking facility, to invest in economic activities where they can become their own bosses. Many of us go to school to get educated only to return and work for others, but we must change this mindset.

“I think that is the meaning of economic self-reliance, something our forefathers have been talking about for many years, and we must make this happen.”

In their meeting, COM also decided that the country should rely on local produce to feed the population during natural disasters, instead of relying heavily on imported food.

DPM Koanapo said the banking facility is part of strategies to grow economic activity.