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By Sharon Nanau
Solomon Islands Prime Minister Jeremiah Manele told Japanese investors that the country’s economic interests lie in the production sector.
Prime Minister Manele presented the Philippines’ economic benefits to investors at the 10th Pacific Islands Leaders Economic Summit (PALM10) in Tokyo, Japan.
At the economic summit, 10 Japanese companies and government officials held talks with leaders of the Pacific Islands Forum to explore potential economic opportunities for cooperation between the two sides.
Prime Minister Manele told SIBC News that his government wants to expand the country’s production sector base.
He said the government’s priority was to revive the economy, which was also directly stated in the 100-day policy of the Government of National Unity and Transformation (GNUT).
“The PALM10 Economic Summit provides me with an opportunity to showcase our investment interest to Japanese companies. I have indicated that we welcome investors to explore opportunities in the fisheries, mining, agriculture, tourism and forestry sectors.”
Prime Minister Manele explained that foreign investment is vital to the Solomon Islands economy.
“We are taking steps, for example on the legislative front, we will soon be introducing special economic zone legislation to Parliament and we are also working on tax reforms. These are critical to attracting investment to the Solomon Islands.”
The services sector dominates the Solomon Islands economy, accounting for about 57% of gross domestic product (GDP).
The Central Bank of the Solomon Islands (CBSI) reported earlier this year that logging remains a core industry in the Solomon Islands, accounting for nearly two-thirds of export earnings in recent years.
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