Prime Minister James Marape will travel to Honiara this week for the inaugural Papua New Guinea-Solomon Islands Investment Conference, seeking to translate the two countries' longstanding political and cultural ties into greater trade, investment and employment opportunities.
The conference will be held at Heritage Park Hotel on Aug. 19-20 under the theme "From Opportunity to Investment: Building the PNG-Solomon Islands Growth Corridor."
Marape will address the conference alongside Solomon Islands Prime Minister Matthew Wale, who will officially open the event. Government officials, investors, business executives, financial institutions and development partners from both countries are expected to attend.
Marape said the conference would seek to move bilateral economic relations beyond government cooperation toward stronger business partnerships.
"We want to move from Opportunity to actual Investment, and from Government-to-Government Cooperation into stronger Business-to-Business Partnerships," Marape said.
Papua New Guinea already has a significant commercial presence in Solomon Islands. A 30-year review identified 126 PNG-origin registered investments across 18 sectors, including agriculture, communications and information and communications technology, construction, financial services, fisheries, mining, insurance, professional services, retail and wholesale, tourism and transportation.
The investments have proposed employment for more than 7,500 Solomon Islands citizens, with agriculture, professional services and fisheries among the largest employment-generating sectors.
Marape said PNG investment in Solomon Islands had expanded from major projects in mining, telecommunications, tourism and agriculture to include finance, construction, retail, professional services, transportation and small and medium-sized enterprises.
He also encouraged Solomon Islands businesses to consider investment opportunities in PNG, saying the economic relationship should become increasingly two-way.
The conference follows Wale's official visit to Port Moresby in June, during which the two leaders signed the Framework Agreement on Development and Economic Cooperation 2026-2030.
The agreement provides a platform for closer cooperation in trade and investment, mining, fisheries, agriculture, infrastructure and other areas of mutual economic interest.
Marape said the Honiara conference would help translate the government framework into commercial projects and partnerships. Discussions are expected to focus on agriculture, fisheries, mining, energy, tourism, infrastructure, financial services, telecommunications, transport and downstream processing.
The two countries will also examine opportunities to strengthen connectivity and develop regional value chains.
"Instead of Exporting all our Raw Resources for processing elsewhere, our countries should look at where we can build Pacific value chains, add value locally and create more Employment for our people," Marape said.
The prime minister also said PNG's economic diplomacy should include supporting domestic companies seeking to expand into regional markets.
Conference organizers estimate that PNG businesses already have about K1 billion, equivalent to around SBD1.8 billion, invested in Solomon Islands.
Marape said PNG should become an investor in the Pacific as well as an attractor of foreign capital.
"Papua New Guinea must also become an Investor in the Pacific and, increasingly, beyond our Region," he said.
He identified banks, telecommunications companies, resource businesses, superannuation funds, agricultural companies, professional firms and SMEs as potential regional investors.
Marape said Solomon Islands was a natural economic partner because of the two countries' geographic proximity, established business relationships and longstanding bilateral ties.
He said stronger economic integration could eventually serve as a model for broader Melanesian and Pacific cooperation.
"A stronger PNG-Solomon Islands Economic Corridor will strengthen both countries and contribute to a more economically resilient Melanesia and Pacific," Marape said.
Marape thanked the Solomon Islands government, Solomon Islands Chamber of Commerce and Industry and Papua New Guinea-Solomon Islands Business Council for supporting the conference and urged participating PNG companies to focus on developing concrete commercial partnerships.
"Go to Honiara looking for real opportunities. Meet Solomon Islands Businesses, identify Projects and explore Joint Ventures," he said.
