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PNG Invests K848 Million In Solomon Islands



Papua New Guinea High Commissioner to Solomon Islands Dr John C Balavu says Papua New Guinea is investing $SB2billion (K848m) in various development in the tourism sector and other sectors in the Solomon Islands.


He said Papua New Guinea is one of the major investors in the Solomon Islands, adding PNG’s corporate community investments were very clear to see.


“You look around,” Dr Balavu said.


“There is BSP, Bishop brothers, Credit corporation, Heritage Park Hotel and these are all PNG investments.


He expressed in terms of balancing the level of investment from both countries where PNG investment to Solomon Islands is far greater than what Solomon Islands is investing in PNG.


Dr Balavu said last time we were trying to complete the Investment Promotion and Protection Agreement ( IPPA) but considering the imbalance in the level of investment Solomon Islands have now.


“However, the level of PNG investment in Solomon Islands should equate to what Solomon Islands invests in PNG.


High Commissioner Dr Balavu has urged businesses in Solomon Islands and Papua New Guinea to look more into agriculture, fisheries and tourism.


Dr Balavu said there were about 52 PNG businesses in Solomon Islands, which could grow to even more, and likewise urged Solomon Islands’ businesses to set up in PNG.


PNG Prime Minister James Marape during his state visit in February told his counterpart Manasseh Sogavare about providing incentives for businesses from the two countries to grow.


Solomon Islands and PNG, from our seas and from our land, using technology, can supply Asia.


Prime Minister James Marape has been commended by the Solomon Islands and Papua New Guinea business communities in Honiara for promoting business links between the two countries.


He said that the Asian market was a growing and affluent one that needed organic food, clean water and rest-and-recreation.


The affluent of Asia will be looking for good food, clean water and rest-and-recreation, he said.


“These things we have in Solomon Islands and PNG,” Mr Marape said during his visit.

He said the global demand for fisheries products was increasing and this was where the two countries could make an impact.


Source: https://postcourier.com.pg/png-invests-k848-million-in-solomon-islands/

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