PAPUA NEW Guinea is creating a strong business presence in the Solomon Islands with investment expected to hit the US$120 million (K322.58 million) mark next year.
Solomon Islands prime minister Dr Derek Sikua said to date, there were 23 registered PNG companies in the Solomon Islands with a total value of more than US$96 million in investments (K258 million).
Speaking during a dinner in Honiara early this week to welcome his PNG counterpart Sir Michael Somare, Dr Sikua said PNG was fast becoming the island-country’s important partner in trade and investment, economic relations and development co-operation.
He said since the restoration of law and order in Solomon Islands by the regional assistance mission to Solomon Islands (Ramsi) in 2003 and the stabilisation of government finances, a number of PNG companies have set up operations there.
These include Bishop Brothers, Credit Corp, Daltron, New Britain Palm Oil, Bank South Pacific, Lamana Hotel Developments and Farmset among others.
“The active involvement of Papua New Guinea companies and businesses in the Solomon Islands shows the confidence they have in Solomon Islands.
“Their keen interest in taking part in the economic development of Solomon Islands is very much appreciated by the government and People of Solomon Islands,” Dr Sikua said.