13 Jul 2005

Two aussie companies to invest millions in Solomons tourism development

7:10 pm on 13 July 2005

The deputy Premier of Temotu province in Solomon Islands says two Australian companies look set to invest millions of dollars into a massive tourism development on Vanikoro island.

Noel Keniano says the joint venture would involve an Australian-led consortium with a 55-percent stake, Vanikoro Limited with 40-percent, and the Temotu provincial government taking a 5-percent stake.

He says Australian officials from a milling company and tourism company visited Vanikoro last week and are compiling their investment reports.

Mr Keniano says the Australians now need the approval of the Solomon Islands Foreign Investment Board.


They prefer milling, as they have a milling company in Melbourne and they want to come and do the milling here, and then push the timber on to Melbourne to manufacture furniture from Melbourne and sell those things before they can get the money. 17

The deputy Premier of Temotu province in Solomon Islands, Noel Keniano