Prime Minister Philip Hails PNG-Investment Mission

Prime Minister Philip Hails PNG-Investment Mission

Prime Minister Danny Philip on Friday has hailed a visiting Papua New Guinea trade and investment team describing it as a “welcome initiative” for the government and people of Solomon Islands.

The Mission headed by Solomon Islands Trade Commissioner in PNG, Mr Kostas Constantinou comprised of about twenty Chief Executive and Senior Officers of major business organizations and companies in Papua New Guinea.

The purpose of the Mission is to provide an opportunity for Chief Executive and Finance Officers of major Business Companies and Corporations in PNG to hold discussions with Solomon Islands Government Leaders and officials and to look at opportunities for investment in Solomon Islands.

Prime Minister Philip said the visit gives Solomon Islanders the confidence that PNG investors were here to scout for investment opportunities which are in abundance.
“Your visit is a welcome initiative. The composition of your delegation is not only encouraging, but also a testimony to the mutual relationship that exists between Papua New Guinea and Solomon Islands both at public and private sectors and their many stakeholders,” Prime Minister Philip said

Recently the cooperation and understanding between Papua New Guinea and Solomon Islands has excelled to new heights and continues to expand in new areas of investment and interest.

“I believe that this meeting is another opportunity for business executives on both sides of the Solomon Sea to explore investment opportunities for both joint venture and other business arrangements.

“I can assure you that there are ample opportunities here in just about every sector of the economy. PNG as you may know is by far among our top ten priority countries for investment and trade,” Prime Minister Philip said.

In recent years, there’s steady increase in capital investment by PNG based companies here in Solomon Islands compared to other Pacific Island Forum Countries over the last few years.
These companies have invested about SBD$148 million worth of capital here in Solomon Islands up to 2006. In terms of employment, these investments have provided some 3, 300 local jobs.

By 2008, investments by PNG-based companies in Solomon Islands have risen dramatically. In that year some 22 companies were registered here. These brought in welcome investment totaling some K350 million or almost SB$900 million.
In 2010, the number of PNG-based companies registered here has increased to 34. Their volume of investment is now valued at K550 million or around SBD$1.3 billion creating some 1, 000 local jobs.

“I am pleased to say that the forecast for 2012 is for an even better outcome in both investment and job creation for Solomon Islands. The forecast for a booming PNG economy in 2012 and beyond calls for better strategic planning, thinking and approach in the public and private sector,” Prime Minister Philip explained.

The active involvement of Papua New Guinea-based companies and businesses in Solomon Islands also reflects the confidence that they have in the local economy.
Prime Minister Philip said the Investment team’s choice of Solomon Islands as an investment destination is a good choice.

Solomon Islands is the second biggest Melanesian country in the Melanesian Spearhead Group (MSG) after PNG.

ENDS