Prime Minister Hon. James Marape has described his Bilateral Meeting with Solomon Islands Prime Minister Hon. Matthew Wale today as highly successful, with the two Leaders agreeing to further deepen Economic Cooperation and create greater Opportunities for Papua New Guinean and Solomon Islands Businesses to invest together.
The Bilateral Meeting was held at the Heritage Park Hotel in Honiara on the margins of the Inaugural Papua New Guinea– Solomon Islands Business Investment Forum, continuing a series of engagements between the two Leaders aimed at translating the countries’ longstanding Political and Melanesian Relationship into stronger Economic Outcomes. Prime Minister Marape said Prime Minister Wale had again extended a clear invitation for Papua New Guinean Businesses to invest in Solomon Islands, including through Partnerships with Solomon Islands Businesses and Resource Owners. “We had a successful Bilateral Meeting. Prime Minister Wale re-emphasised his call for Papua New Guinea Investors to be in Solomon Islands,” Prime Minister Marape said. “We already have over K1 billion worth of Papua New Guinea Investments in Solomon Islands, with more than 59 PNG Companies of different sizes operating here. This demonstrates that our Relationship is not only Government-to-Government. Our Businesses are already investing, employing people and participating in the Solomon Islands Economy, and today the invitation was extended even further.” PNG Companies operating in Solomon Islands include major Businesses in Banking, Telecommunications, Agriculture, Hospitality, Professional Services and other Sectors.
NEW PARTNERSHIPS IN MINING, FISHERIES AND AGRICULTURE
Prime Minister Marape said one of the strongest messages emerging from the Bilateral Meeting was the opportunity for PNG and Solomon Islands Businesses to jointly participate in major Investments, particularly in the Mining Sector. He said PNG was prepared to bring its experience, companies and capital into Partnerships structured to ensure Solomon Islanders remain the principal Beneficiaries of their Resources. “The invitation was quite explicit in the Mining Sector — for Papua New Guinea Companies and Solomon Islands Companies to join together in some of the biggest Mining prospects here in Solomon Islands,” Prime Minister Marape said. “I indicated that we are prepared to look at a 51–49
Equity Structure in favour of Solomon Islands Beneficiaries, similar to the Policy direction we are pursuing in our own country. Solomon Islands Government, Solomon Islands Companies, Provincial Governments and Landowners can hold the majority Interest, and Papua New Guinea Investors can come in as Partners. We are not coming here simply to take Resources out. We want genuine Partnerships in which Solomon Islanders remain Beneficiaries of their own Resources while our Companies contribute capital, expertise and experience.” Prime Minister Marape said opportunities were not confined to Mining. “Investment opportunities abound in Mining, Fisheries, Agriculture, Construction and many other Sectors of the Economy,” he said. “This is why I encourage our Papua New Guinean Businesses to look beyond our own borders. Solomon Islands is our closest Melanesian neighbour and there are opportunities for us to grow together.”
TURNING STRONG RELATIONS INTO ECONOMIC RESULTS
Prime Minister Marape said the Bilateral Meeting built on discussions with Prime Minister Wale during his Official Visit to Papua New Guinea earlier this year and on the Framework Agreement on Development and Economic Cooperation 2026–2030. The Leaders discussed continuing work across Trade and Investment, Border arrangements, Mining, Fisheries, Agriculture, Education, Policing and Security, Air Connectivity and other areas of Bilateral Cooperation. Prime Minister Marape said the direct Honiara–Port Moresby Air Connection further strengthened the conditions for increased movement of businesses, investors and people between the two countries. He said both Governments must now ensure that Agreements and high-level discussions translate into practical Outcomes. “Our political relationship is strong, our cultural and historical relationship is permanent, and now we must build the economic relationship to the same level,” Prime Minister Marape said. “Papua New Guinea and Solomon Islands are neighbours forever. We share Melanesian blood, history, culture and a common future. The challenge for us as Leaders is to convert that Relationship into businesses, investments, employment, stronger local companies and greater economic independence for our people.”
Prime Minister Marape thanked Prime Minister Wale and the Solomon Islands Government for continuing to welcome PNG Investors and said Papua New Guinea would equally welcome Solomon Islands Businesses seeking opportunities in PNG. “This Forum and our Bilateral Meeting demonstrate that we are moving beyond discussions into practical Economic Partnership,” he said. “Prime Minister Wale has again opened the door to PNG Investors, and I encourage our Businesses to respond positively — but to do so through genuine Partnerships that respect Solomon Islands Businesses, Landowners and Communities. PNG and Solomon Islands must grow together. When our businesses partner, when our people benefit and when more value remains in our two countries, our entire Melanesian Region becomes stronger.”