12 Jun 2007

Solomons figures show foreign investment increase

11:47 am on 12 June 2007

The Solomon Islands Minister of Commerce has released the latest foreign investment figures which show that funds from new investors totalled 224,000 US dollars over the last 9 months.

This follows the introduction of the Foreign Investment Act last year.

In addition the number of investors has increased to 118, compared to only 61 for the whole previous year.

The Minister for Commerce, Industries and Employment, Peter Shanel, says the latest figures show that the new Act is working as intended.

Mr Shanel says the increased planned investment is likely to be creating thousands of new jobs throughout Solomon Islands and contributing to increased Government tax revenue.

He says locally owned businesses will also be feeling the benefits of the increased economic activity with higher demand for the goods and services they produce.