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Mr.
Derick Aihari
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Welcome to Solomon Islands! I am pleased to invite you all prospecting
investors to our shores in 2006 and beyond. I hope as you read
this note and browse through our webpage, you will realize that
our country see foreign investors as very important development
partners for our economic growth.
Opening Statement
The Government of Solomon Islands places private sector investment
and development as an important priority in its strategy to
achieve self reliance, economic independence and sustainability.
In view of this policy, the government sees foreign investment
participation in the development of Solomon Islands as an
important vehicle to achieve this aim.
Solomon Islands is endowed with abundant natural resources
that offer unique investment opportunities with diversified
investment potentials in several areas. Foreign Investors
who have the capacity and resources to utilize these investment
opportunities and potentials are welcomed by the Government
of Solomon Islands to engage in productive economic activities
that will both benefit the investor and the citizen of Solomon
Islands.
With the advent of the new Investment Act 2005 and Regulation
2006, and the propose reform on the country's taxation system,
Foreign Investors will be benefiting from a series of investment
incentives, clear investment guidelines, undistorted regulations
governing foreign investments, investment guarantees, and
more importantly, a secure environment for doing business
in the country.
Solomon Islands is a member to a number of international and
regional organizations, and is a party to many trade agreements
that include bilateral and multilateral. Foreign Investors
may advance their markets to economies of such countries like
Australia, New Zealand, Asia, European Union, Japan, USA,
and within the Pacific region through these trade arrangements.
The National Government is cognizant of the inputs of
FDI and therefore places high priority for sectoral development
and growth. With its long term development vision, investments
are encouraged on areas which include but not restricted to
the following:
1. Off shore fisheries development
2. Aqua Culture development
3. Manufacturing of goods of all types
4. Tourism development
5. Commercial farming
6. Forestry development, particularly, timber and related
products (furniture)
7. Mineral Prospecting
8. Export oriented productions
9. Agriculture development
Consideration
of investment projects will be given to genuine investors
who are willing to transfer skills and technology, have financial
resources, commit to export and also provide for import substitution,
employment opportunities and training.
Simultaneously, Investors are encouraged to seek investment
incentives covered within the various Acts of Parliament that
govern the imposition of these incentives.
Investment projects that falls within priority sectors may
have special investment coverage. The criteria to qualify
for the different incentives varies but once met, the recipient
obtains full benefits which can be a tax holiday , import
duty exemption or any other investment incentives packages.
Benefits, however, will be dependent on the type of incentive
awarded to the potential investor. For more detail and coverage
of types of incentives, please contact: Commissioner of Inland
Revenue, Department of Finance, PO Box 26, Honiara. Solomon
Islands.
Investing in Solomon Islands is safe, free from political
interference and although challenging, yet the benefits are
comparable to or better than most of the Island nations.
For more information about doing business in the Solomon
Islands, please contact:
Registrar of Foreign Investment
Foreign Investment Division
Department of Commerce, Trade & Industries.
PO Box G26
Honiara, Solomon Islands
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