Parliament to debate bill on extending land lease terms

November 4, 2024 9:58 pm | Posted in Business News | Share now TwitterFacebook

By Terence Malapa.

A bill to extend leases for public land from 75 years to 99 years will be debated during the second ordinary session of parliament this week.

The Minister of Lands, Rich Tchamako Mahe, will table the bill when parliament convenes to debate it.

The bill’s explanatory note said that the Vanuatu government’s plan to extend the lease term for public land from 75 years to 99 years is a significant move aimed at attracting long-term investment.

It said that by offering a longer lease period, the government is addressing concerns related to the limited appeal of 50-year leases, especially since they can only be renewed for an additional 25 years.

This amendment is expected to create a more favorable environment for investors, encouraging them to commit to projects that can stimulate economic growth.

The longer lease terms can provide greater security for investments, making it more attractive for both local and foreign businesses.

Additionally, as more leases on public land are extended, the government can expect an increase in revenue from land transaction fees, which can further support public services and infrastructure development.

Overall, this policy shift could enhance Vanuatu’s economic landscape by fostering a more stable and predictable framework for land use.

Supporters of the bill argue that a longer lease term will not only attract more investment but also generate increased revenue for the government through land transaction fees.

The debate will likely cover the potential economic benefits, as well as any concerns regarding land management and usage.

Landowners are expressing concerns regarding the government’s plan to amend the lease term for public land to 99 years.

They are asking whether the government will conduct public consultations before moving forward with the amendment. Many landowners feel a strong sense of urgency, having waited nearly 75 years to regain control of their lands.

This call for consultation highlights the need for the government to engage with landowners to address their concerns and ensure that their voices are heard in the decision-making process.