Prime Minister Hon. James Marape has called for a new era of Economic Partnership between Papua New Guinea and Solomon Islands, saying the two neighbouring Melanesian Nations must convert their strong political, historical and cultural relationship into investment, trade, jobs, downstream processing and greater economic independence.
Prime Minister Marape made the call today at the Official Opening of the Inaugural Papua New Guinea–Solomon Islands Business Investment Forum in Honiara, alongside Solomon Islands Prime Minister Hon. Matthew Wale. The Forum, under the Theme ‘From Opportunity to Investment: Building the PNG–Solomon Islands Growth Corridor’ brings together Government leaders, investors, business executives, financial institutions and private-sector representatives from both countries.
Prime Minister Marape said the gathering must mark the beginning of sustained economic engagement between the two countries.
“What good is political independence without economic independence?” Prime Minister Marape said. “Papua New Guinea since 2019 has been migrating away from aid dependency and grant dependency to finding sustenance from the wealth of our own land.
We do not want to be aid and grant recipients forever. We want to build economies strong enough to stand on our own feet and, in time, assist others who need our help.”
The Prime Minister said PNG and Solomon Islands were permanent neighbours whose destinies were inseparably linked by geography, culture and history. “Location matters. Place matters. It is who we are. We cannot change geography,” he said. “We must construct a future that is fair and balanced, respects our people and our businesses, and allows us to walk step by step, side by side, into the future.”
FROM OPPORTUNITY TO INVESTMENT
Prime Minister Marape said his Government fully endorsed the Forum’s focus on transforming opportunities into actual investments, particularly through partnerships between businesses of both countries. “If we can source capacity from each other, let us source it. If we can have Joint Ventures amongst each other, let us have those Joint Ventures,” he said.
PNG Businesses already have a substantial presence in Solomon Islands across property, finance, retail, fisheries, professional services, construction and other sectors, providing a strong foundation for further growth. Prime Minister Marape thanked the Solomon Islands Government and people for welcoming PNG Businesses, while encouraging PNG Investors to establish partnerships with Solomon Islands Businesses and help develop local SMEs. “PNG Businesses, as you work here, incubate a local business to be your value partner,” he said. “A good relationship, a good business venture and a good reputation is premium capital.” He equally invited Solomon Islands Businesses to invest and expand in Papua New Guinea.
FISHERIES, MINING AND DOWNSTREAM PROCESSING
Prime Minister Marape identified the two countries’ enormous Maritime Resources as one of their greatest opportunities, saying their combined Exclusive Economic Zones give them access to some of the richest Tuna resources in the world. He called for a shift from simply harvesting and exporting Fish towards domestic processing, manufacturing and greater local participation in the Fisheries value chain. “We have been open for business for so long. We now want to go into partnership,” Prime Minister Marape said. “We want to step up processing of our catches in our respective countries.”
He said PNG and Solomon Islands could become a powerful Regional bloc in sustainably supplying Tuna and Marine products to global markets, while generating employment and retaining greater economic value at home. Prime Minister Marape also encouraged responsible investment in Mining and Energy, stressing that Investors must receive reasonable returns while host countries, landowners and local businesses receive their fair share through taxation, royalties, equity and local content.
PEOPLE ARE OUR NUMBER ONE RESOURCE
Prime Minister Marape said the greatest asset of both countries was their people, particularly their youthful populations. “Our youthful workforce must be seen as our number one resource,” he said, calling for greater investment in education, technical skills, SMEs and labour mobility. He thanked Solomon Islanders who have contributed as teachers, pastors and professionals in Papua New Guinea and said greater skills development could allow citizens of both countries to serve Domestic, Regional and International Labour markets.
‘A HEALTHY SOLOMON ISLANDS IS A HEALTHY PNG’
Prime Minister Marape said the Partnership ultimately must be built around shared prosperity rather than competition between neighbours. “A healthy Solomon Islands is a healthy PNG. A healthy PNG is a healthy Solomon Islands,” he said. “Solomon Islands Businesses, come to PNG. Likewise, PNG Businesses, come to Solomon Islands. Our strength is in economic prosperity.”
Prime Minister Marape said PNG and Solomon Islands already stand together in the Pacific Islands Forum, Melanesian Spearhead Group, Commonwealth and United Nations, and their strong Government-to-Government Relationship must now be matched by equally strong Business-to-Business Relationships. “As our countries move into the next 50 years, we must build Economies that give our people control over their own destiny,” he said. “Let us use what God has placed in our land, our seas and our people, work together as Melanesian brothers and sisters,and create prosperity that strengthens both our nations.”