THE government is committed to creating a vibrant private sector through regulatory and legislative changes.
During his special address at the Solomon Islands Chamber of Commerce and Industry’s 8th Business Excellence Awards (BEA) over the weekend, the Prime Minister, Honourable Jeremiah Manele, MP, emphasized that “creating an improved landscape for vibrant private sector growth is at the core of the current government policy”.
“In its endeavor to reduce the cost of doing business, the Government is accelerating investments in green energy and affordable electricity,” Prime Minister Manele stated.
He highlighted that instructions have been issued to relevant stakeholders to reduce electricity tariffs by 25 percent over the next three years.
The Prime Minister encouraged active participation from the private sector as the government advances its energy transition plan.
Prime Minister Manele revealed that a regulatory framework is being developed to liberalize the energy sector and encourage independent power producers.
The government is also advancing its flagship projects to accelerate investment in key economic infrastructure.
Work on the Honiara road project to improve connectivity is ongoing in the western side of Honiara, eastern Honiara near Ranadi, and along the stretch from Henderson to Barande.
The Prime Minister highlighted the business community’s patience and expressed appreciation as the government, in collaboration with donor partners and contractors, works to complete the job on time.
Other projects involving the repair and construction of new wharves, bridges, roads, and airports are ongoing, while others are set to commence across the country.
Prime Minister Manele further highlighted that the government, through the Ministry of Commerce, Industry, Labour and Immigration (MCILI), is working closely with the private sector to promote product accreditation and certification, in partnership with food technology and cosmetics processing, as well as the manufacturing of raw and processed commodities for local and expanded markets.
In improving the business landscape, the government is also advancing the tax reform agenda to ensure a robust and efficient tax system.
The Prime Minister revealed that the taxation legislation to address inconsistencies in consumption taxes has progressed, and once administered, it will promote fairness, neutrality, and simplicity in the tax system.
Prime Minister Manele further stated that the Special Economic Zone Bill has been tabled in Parliament and will attract investors to the Solomon Islands.
The Prime Minister dubbed the mining sector the “sunrise industry,” noting that it is making a significant contribution to the economy. However, he acknowledged that the mining laws are outdated and are currently undergoing reform.
Prime Minister Manele revealed that the Mining Bill went through the Caucus last week and will soon be presented to the Cabinet for endorsement.
He highlighted that the government will soon take the Mining Bill to Parliament.
The 8th Business Excellence Award ceremony was held over the weekend at the Aquatic Center, King George.
One of the highlights of the night was the Prime Minister’s Award, which was won by Guadalcanal Plains Palm Oil Limited (GPPOL).
The BEA is a biennial event; it presents an opportunity for the Solomon Islands Chamber of Commerce and Industry (SICCI) to award its members who have excelled in their respective business undertakings.
