AUSTRALIA’S has provided a total of SBD375 million to Solomon Islands in the form of investment and aid in 2023, according to the Central Bank of Solomon Islands (CBSI).
The CBSI Deputy Governor Reynold Moveni told the 13th Australia-Solomon Islands Business Forum in Honiara last week that Australia injected SBD200million into Solomon Islands finance and mining sectors in 2023 as well as SBD175million in the form of aid in the same year.
In his presentation at the forum, Mr Moveni provided an update on Solomon Islands current economic status and highlighted the value of Australia’s investment in Solomon Islands finance and mining sector and aid across the infrastructure, health and education sectors in the 2023 financial year.
The Forum held at the Heritage Park Hotel from Monday to Wednesday was themed ‘Business Leading Employment and Export Growth.’ It saw the participation of investors, business leaders and senior government officials come together to discuss ways to grow the private sector to ensure economic growth and prosperity.
“The Australia’s investment is around SBD$200 million covering sectors in Finance and mining industries.
“It’s Aid to Solomon Islands in 2023 is worth over SBD $170 Million and covers a wide variety of sectors such as infrastructure, education and scholarships and health among others.”
Furthermore, Mr Moveni said the Pacific Australia Labor Mobility (PALM) Scheme recruited 7000 workers from Solomon Islands, enabling the flow of remittances worth over SBD247million in 2023.
He added that in the first seven months of this year, the flow of remittances from Solomon Islands farm workers in Australia under PALM was estimated at over SBD$150 million.
“In addition to remittances, the PALM Scheme has also contributed to absorbing unemployment in the country by taking on board some excess domestic labor supply,” the Deputy CBSI Governor said.
Mr Moveni told the Australian-based investors and business leaders who attended the forum that there are still workers in Solomon Islands seasonal work ready pool as many more Solomon Islanders are willing to participate in the scheme.
He also highlighted that in terms of foreign currency strength, the Australian dollar is one of the significant foreign exchange currencies.
“In 2023, it contributed to 27 percent of Solomon Islands Foreign reserves, which in wealth terms amounted to 1.6 billion dollars,” Mr Moveni said.
Mr Moveni said Australia has been and will remain a strategic bilateral partner to Solomon Islands in both trade and development.
He said Solomon Islands economy will very much welcomes the Australia – Solomon Islands Business Partnership Initiatives translate into meaningful investments into the business sector and promote business investment and trade between Solomon Islands and Australia.
The 13th Australian Solomon Islands Business Forum is organized by the Australia – Pacific Islands Business Council and the Solomon Islands Chamber of Commerce and Industry (SICCI).
Representatives from key stakeholders, business partners, State-Owned Enterprises such as SolTuna, Solomon Water and Tourism Solomons as well as BRED Bank Solomons, Strogim Bisnis, World Bank Group, BSP Financial Group Ltd, Skyeye Solomons, Exodus Trade Development and Pasifiki HR participated in the forum.
By RAYMOND HULANGA
Solomon Star, Honiara
