PNG Businesses Dominating Solomon Islands
There was an interesting article recently published in the Solomon Star News assessing the impact PNG businesses are having in our melanesian neighbours – a total investment influence of over S$800 million (US$103 million).
Acting PM of Solomon Islands Fred Fono said this level of investment demonstrated the confidence PNG companies and businesses had in the country while also reiterating that PNG is an important partner to Solomon Islands in terms of trade and investment, economic relations, as well as development:
“The presence of PNG companies here shows the confidence they have in Solomon Islands and their keen interest in taking part in the economic development of this country. And this is very much appreciated by the government and people of Solomon Islands”.
There are currently over 22 PNG companies now operating in the country with a total investment of over S$800 million with investments expected to grow in the coming years – a valuable relationship viewed by Solomon Islands’ government as a long term partnership.
PNG companies which make up the bulk of that investment include the Bishop Brothers, Credit Corporation, Daltron, New Britain Palm Oil Limited, Bank South Pacific, Lamana Hotel Developments, and KK Kingston.
Meanwhile, Mr Fono also emphasized the largest investment that occurred last year – the acquisition of the National Bank of Solomon Islands (NBSI) by Port Moresby based Bank South Pacific.
The acquisition ensured that Bank South Pacific is now the largest commercial bank operating in Solomon Islands as well as one of the largest PNG investments in the country.