More than 126 Papua New Guinea-origin businesses have established investments across 18 sectors in the Solomon Islands, providing 7,500 jobs and business opportunities for the country.
The firms are operating in agriculture, communications and ICT, construction, financial services, fisheries, mining, insurance, professional services, retail, wholesale, tourism and transportation.
To enhance the bilateral relations with the host country and for further investment opportunities, Prime Minister James Marape will travel to Honiara this week to lead his country’s investment push in the Solomon Islands.
PM Marape has urged businesses from both countries to turn strong political and historical ties into trade, investment, jobs and business opportunities.
The inaugural Papua New Guinea–Solomon Islands Investment Conference will be held at the Heritage Park Hotel in Honiara on August 19–20 under the theme, ‘From Opportunity to Investment: Building the PNG–Solomon Islands Growth Corridor.’
PM Marape will address the conference alongside Solomon Islands Prime Minister Matthew Wale, who will officially open the event.
Government leaders, investors, business executives, financial institutions and development partners from both countries are expected to attend.
“This Conference is about taking the strong Relationship between Papua New Guinea and Solomon Islands into its next important phase,” PM Marape said last night in a statement.
“We have longstanding historical, cultural and people-to-people ties. Our Governments enjoy very good Relations. We must now use that foundation to generate greater Economic Opportunities for our people.
“We want to move from Opportunity to actual Investment, and from Government-to-Government Cooperation into stronger Business-to-Business Partnerships.”
PM Marape said PNG already had a significant commercial footprint in Solomon Islands built over several decades.
A 30-year review recorded 126 PNG-origin registered investments across 18 sectors, including agriculture, communications and ICT, construction, financial services, fisheries, mining, insurance, professional services, retail and wholesale, tourism and transportation.
These investments have proposed employment for more than 7,500 Solomon Islands citizens, with agriculture, professional services and fisheries among the largest employment-generating sectors.
PNG investment has also evolved from major capital projects in mining, telecommunications, tourism and agriculture into a more diverse presence encompassing finance, construction, retail, professional services, transportation and SMEs.
“Papua New Guinean Businesses have demonstrated that they can successfully invest beyond our borders while creating Employment and contributing to the Economy of a neighboring Pacific country,” PM Marape said.
“I thank the Government and People of Solomon Islands for welcoming our Businesses and giving them the confidence to invest.”
“But I also want this Relationship to become increasingly two-way. Solomon Islands Businesses are equally welcome to explore opportunities in Papua New Guinea.”
The Honiara conference follows Prime Minister Wale’s official visit to Port Moresby in June, when 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.
PM Marape said the conference was an important practical step towards implementing that commitment.
“When Prime Minister Wale visited Port Moresby, we agreed that our Relationship must produce tangible outcomes for our countries,” he said.
“We have established the Government Framework. Now we want our Private Sectors to identify Projects, establish Partnerships and turn those Opportunities into Investment.”
The discussions in Honiara will focus particularly on agriculture, fisheries, mining, energy, tourism, infrastructure, financial services, telecommunications, transport and downstream processing.
PM Marape said greater connectivity and downstream processing offered particular opportunities for both economies.
“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,” he said.
PM Marape said his Government’s broader economic diplomacy was aimed not only at attracting international capital into PNG, but also at creating conditions for successful Papua New Guinean businesses to expand internationally.
Conference organisers estimate that PNG businesses already have around K1 billion, or approximately SBD1.8 billion, invested in Solomon Islands.
“We rightly work hard to bring Foreign Investment into Papua New Guinea, but our ambition must go further,” PM Marape said.
“Papua New Guinea must also become an Investor in the Pacific and, increasingly, beyond our Region.
“Our Banks, Telecommunications Companies, Resource Businesses, Superannuation Funds, Agricultural Companies, Professional Firms and SMEs should be confident enough to look beyond our borders.”
He said Solomon Islands was a natural economic partner because of its proximity, established business relationships and strong bilateral ties.
PM Marape said the approach was consistent with his Government’s wider foreign policy of ensuring PNG’s international relationships deliver practical economic benefits.
“Our Diplomacy must ultimately create opportunities for our people.”
“Whether we engage our Pacific neighbours or major Economies around the world, we continue to place Trade, Investment, Markets, Infrastructure, Technology and Employment at the centre of those Relationships,” he said.
PM Marape said stronger economic integration between PNG and Solomon Islands could become a model for greater Melanesian and Pacific economic cooperation.
“We should not only meet as Pacific Leaders at Political Forums. Our countries must trade more with each other, invest in each other and build businesses together,” he said.
“A stronger PNG–Solomon Islands Economic Corridor will strengthen both countries and contribute to a more economically resilient Melanesia and Pacific.”
PM Marape thanked Prime Minister Wale and the Solomon Islands Government, the Solomon Islands Chamber of Commerce and Industry, and the Papua New Guinea–Solomon Islands Business Council for supporting the conference.
He also encouraged PNG businesses attending the event to use it to establish practical commercial partnerships.
“Go to Honiara looking for real opportunities. Meet Solomon Islands Businesses, identify Projects and explore Joint Ventures,” PM Marape said.
“Our Political Relationship is strong, our People-to-People Relationship is strong, and our history binds us together. Now we must ensure our Economic Relationship grows just as strongly.”