SI Needs Investment Capital To Boost Economy

SI Needs Investment Capital To Boost Economy: PM

Prime Minister Manasseh Sogavare told a visiting Taiwanese Trade and Investment mission that the only way forward for an economic boost for Solomon Islands is to attract more investment capital and to discentralise development to the rural areas.

The 12 member trade mission currently in the country to explore investment and trade opportunities in the country paid a courtesy call on Mr Sogavare yesterday morning.

Mr Sogavare said the only way to fulfill the prospect of investment attraction was to work closely with such trade and investment missions as that of Taiwan.

He said Solomon Islands was mindful of the fact that it was a small country and therefore could not exist alone economically.

"There is very little that we can generate internally by way of our own resources and that is a fact that we Solomon Islanders must accept.

"The only way to move this country forward is to attract more investment capital in the country and to do that we just need to work very closely with you (Taiwanese Trade and Investment mission)."

The Prime Minister said as endorsed in the Palau Declarations last year by Taiwan and its allies, Solomon Islands was in for a long haul in its relationship with Taiwan and the best way of cementing that relationship was through trade and investment.

Mr Sogavare said the entire world is watching the unique relationship between Taiwan and its 25 allies and it was in their best interest to sustain that relationship through their engagement in long term trade and investment.

He announced to the Taiwanese mission that Solomon Islands has a new Foreign Investment Act that provided a speedy investment application process for foreign investors and was also working to introduce economic zones in selected locations throughout the country in an effort to boost economic development.

"Before you have to wait for months and sometimes years to get your investment application approved but now you can get approval within a matter of days.

"Now we want to move further than that by establishing economic zones that we learnt during our trips to Taiwan. We are still working on the legislation and definitely it will go before the next sitting of parliament in November.

"We see that as a big boost or drive for development," the Prime Minister said.

The Taiwanese Trade and Investment mission which arrived in the country on Tuesday is the first of its kind to visit Solomon Islands.

The group will be holding trade talks and seminar presentations with the various trade and investment bodies in the capital till Friday.

ENDS

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