Spurring tourism in Solomon Islands
IFC, Ministry of Tourism partner to identify investment opportunities, spur tourism in Solomon Islands
Gizo, Western Province, Solomon Islands, November 1, 2017—IFC, a member of the World Bank Group, and the Ministry of Culture and Tourism signed a memorandum of understanding today. The MoU aims for a broader tourism program in the country to boost tourist arrivals, generate tourism-related revenue, draw investments, and create jobs.
As part of this tourism program, the Tourism Investment Pre-Feasibility Study for Western Province will identify investment opportunities in the Solomon Islands’ Western Province to help the government, donor community, and private sector develop the region as a tourism destination. The findings of the study will be released in early 2018.
“With close to 8,000 visitors recorded last year, Solomon Islands has the potential to significantly increase its holiday arrivals,” said Neal Donahue, IFC’s Head of SME and Value Chain Advisory. “Through our project, we will help the destination to maximize its natural, cultural, and historical assets to attract more visitors, subsequently, creating jobs and business opportunities for local communities.”
The study will identify the province’s future market potential and investment opportunities necessary to develop the destination. It will also provide partners with detailed information about the type, direction, sequencing, costs and benefits of those investments.
“Western Province has been chosen as the preferred region for tourism development due its burgeoning tourism status for air and cruise ship tourists,” said Bartholomew Parapolo, Minister for Culture and Tourism. “This analysis will help us identify and attract the necessary public and private investment in order to realize its potential.”
“Developing tourism in Solomon Islands will have a multi-pronged impact on local economies. It will create new markets thus attracting more investments, promoting job creation and generating revenue for the government,” said Tom Jacobs, IFC Country Manager, Pacific.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit www.ifc.org.
IFC’s work in the Pacific is guided by the Pacific Partnership. Australia, New Zealand and IFC are working together through the Pacific Partnership to stimulate private sector investment and reduce poverty in the Pacific.