K0.2bil investment in SI


PAPUA New Guinea’s investment in the Solomon Islands is worth about K0.2 billion, an official says.
High Commissioner to the Solomon Islands Moses Kaul told The National that there were more than 60 PNG businesses operating in the Solomon Islands.
“In terms of investment, PNG currently has over 60 registered companies or businesses operating in Solomon Islands,” Kaul said.
“Major entities includes the New Britain Palm Oil, Bank South Pacific, British American Tobacco, Ela Motors, Fletcher Morobe, Farmset, Lamana Group (Heritage Park Hotel), Capital Investment, Kramer Ausenco and bmobile.
“The total value of PNG investment in Solomon Islands is estimated around 0.5 billion dollars (K0.2billion).”
Kaul said there were outstanding bilateral agreements for the two countries.
“Bilateral agreements that are pending (to) enhance our trade and investment cooperation include the double taxation treaty (DTT) and Investment Promotion and Protection Agreement (IPPA).
“Also the proposal for PNG/SI Business Council is pending further consultations and conclusion.
“Modus operandi being both chambers of commerce and industry facilitates exchange of information and meetings on and how basis.”
Kaul said the trade export between PNG and the Solomon Islands was more than K35 million in 2019.
“Trade volume between our two countries is K35.45 million in exports and K15.57 million imports in 2019. There was a trade surplus of K19.6 million in favour of PNG.
PNG exports include rice, diesel fuel, canned meat, cement, biscuits, coffee, tea, palm oil, animal fats/oil, tinned fish, fruit juices, cordial, ice cream, stock feed, paints, detergent, plastic bags, tissue papers, mineral water, milk drinks, bakers ware, oil seed, sawn timber, farming products and machinery.
Imports include tinned fish, fuel, fuel oil, rice, vessels and aerial reflectors, he said.