The Solomon Islands Government says talks to establish a new fish cannery with a Korean multi national are well advanced.
The Minister of Fisheries, Nollen Leni announced the new project last Friday.
The Government, in a release, says the cannery is expected to employ as many as 3000 Solomon Islanders and attract other credible investors into the Solomons.
Mr Leni says his ministry has been working on incentives to attract fisheries investors and last week Cabinet endorsed this effort.
The Minister also says his team has been instrumental in turning the troubled Soltai cannery around and setting it on the path to profitability.
He says Soltai is now pumping two million US dollars into the economy in the form of wages and over the next 12 months the figure is expected to increase by a further 50 percent.
In addition the Government says revenue garnered from foreign fishing vessels has more than doubled to nearly 15 million US dollars.