15 Oct 2009

PNG investment in Solomons to hit 150 million

9:51 am on 15 October 2009

Papua New Guinea investment in Solomon Islands will hit 150 million US Dollars next year.

PNG Prime Minister Sir Michael Somare says already 23 PNG companies are investing about 115 million US dollars in Solomon Islands.

The investments are in the Hotel Industry, banking, palm oil, construction, and hardware supplies.

Sir Michael says the companies are an integral part of Solomon Islands economic revival and commended the PNG companies for heeding his government's call to explore investment opportunities in a Melanesian neighborhood.

The PNG Prime Minister says while his country also encounters many similar challenges, Port Moresby will continue to provide assistance to a very close friend.

He says PNG is committed to expanding and strengthening its development cooperation with Solomon Islands when current arrangements expire.