PNG Trade Investment Mission to Visit Solomon Islands

22 February 2011

A Papua New Guinea Investment Mission will visit Solomon Islands from 25-28 February 2011, to look at opportunities for investment in the country. The Mission comprises of about twenty Chief Executive and Senior Officers of major business organizations and companies in Papua New Guinea. Solomon Islands High Commissioner to Papua New Guinea, His Excellency, Mr Bernard Bata’anisia and the Solomon Islands Trade Commissioner in Papua New Guinea, Mr Kostas Constantinou will accompany the team to Honiara.

The purpose of the Investment Mission is to provide an opportunity for Chief Executive Officers 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.

With the booming Papua New Guinea economy and the growth of business in the country, these business companies and corporations are looking off shore to invest and partner in business development. Solomon Islands has been target as an ideal investment destination because of its safe and secure environment and close proximity to Papua New Guinea.

Solomon Islands will also use the opportunity during the Investment Mission to strategically market itself as a potential destination for investment and to take advantage of the businesses and spin offs from the huge LNG project in Papua New Guinea.

Areas, which we will also be featured prominently in the seminar, are service industries as well as tourism and fisheries.

Generally, Papua New Guinea is becoming an important partner for Solomon Islands in terms of trade and investment, economic relations as well as development cooperation and assistance.

Because of its strategic and economic links between the Asia and Pacific region, the Solomon Islands Government wish to work closely with the Government of Papua New Guinea to take advantage of this economic opportunities.

The 2011 Papua New Guinea Business Investment Mission will build up on the previous Business Investment Missions held in 2004 and 2008 and seek further opportunities for investment in Solomon Islands and what the country can offer.

While in Honiara, the mission will attend a two day investment seminar at the Heritage Park Hotel from Friday 25 to Saturday 26 February 2011, where they will have first- hand briefing and information on areas for investments, land issues, taxation laws, and incentives provided for investors, as well as visiting the various sites for investment in the country.

Presentations will be made by senior Government officials on the New Solomon Islands Government policy on investment, taxation laws, incentives for foreign investments, land issues, tourism and fisheries policies.

It is anticipated that by the end of the seminar, the Papua New Guinea business sector will have a better understanding and appreciation of the investment opportunities and potentials in Solomon Islands.

The seminar will be conducted by the Foreign Investment Division of the Ministry of Commerce Industries and Employment with the assistance of the Solomon Islands High Commission and the Solomon Islands Trade Commission in Port Moresby, with guest speakers drawn from various Government Ministries and Departments in Honiara.

Members of the PNG Trade and Investment Mission: