Q&A DEREK AIHARI

The director of InvestSolomons says the country is open for business and looking to develop its already close links to PNG.

Q: What are the main sectors you are promoting to the international business community?

A: The growth is in the services sector. One of the ideas is to promote the tourism sector, as well as the mining and minerals sectors. We have a number of reforms going on. The government has a plan to develop a special economic zone, where we can offer incentives. We have a tuna cannery and we are currently looking at one more in Malaita Province, the biggest province in the Solomons. Work is underway. Soon, we'll be looking at investors to come and develop that place.

Q: What is the regulatory framework like? How easy is it for foreign companies to set up?

A: We have undergone some reforms. In November 2016 we improved the system of registration. We now have an online registry system. It will make it easier for foreigners to register, as well as locals, and incorporate a company or list a business name.

Q: What are the main PNG companies doing business in the Solomons?

A: PNG is ranked third in terms of foreign direct investment for the Solomon Islands. One of the investments is Guadalcanal Plains Palm Oil, which is originally from Papua New Guinea (New Britain Palm Oil). In the services sector, we have Bank South Pacific (BSP) with us – they took over the role of Westpac. Also Credit Corporation, another financial institution. In the tourism sector, we have one of the biggest hotels in Honiara: the Heritage Park. We also have a number of PNG investments in retail.