First free trade zone launched in Vanuatu to attract foreign companies

SUVA, Jan. 15 (Xinhua) -- The South Pacific island nation of Vanuatu has launched its first Free Trade Zone on the country's largest island of Espiritu Santo to attract foreign companies.

According to Radio New Zealand on Tuesday, the newly appointed Director General for Trade Roy Mickey Joy said that the zone on a 50 hectare site aims to attract foreign companies to manufacture for the export market.

He said the island nation had to develop its zone like the countries such as Fiji and Mauritius had done.

According to Vanuatu's Daily Post, Joy said that the zone is set up to allow big businesses around the world to come and be able to produce entirely for the export market, like in Fiji, Mauritius and Singapore.