The Government for National Unity and Transformation (GNUT) has been acknowledged for its recent announcement of the 25% decrease of electricity tariff for the next three (3) years and its commitment to continue transiting to renewable energy to a further reduction in electricity tariff beyond 2027.
The Solomon Islands Chamber of Commerce and Industry (SICCI), as the peak organisation representing private sector issued the acknowledgment note in a statement this week.
SICCI said, Solomon Islands has a narrow private sector base that is continuing to be affected by addressable constraints – these challenges to our private sector can be addressed with effective policy and the review of out dated regulations.
“For years past, our private sector navigated through these challenges and this shows the resillient private sector spirit of businesses who are determined to create jobs for our growing population and also contribute to the national governments revenue through taxes.
“SICCI acknowledges the steps taken by the GNUT government in considering the Private Sector growth by the 25% decrease of electricity tariff for the next three years (2025 – 2027). It is really a welcoming message for all private sector businesses in Solomon Islands,” the statement said.
SICCI stated that the decreased in electricity tariffs can boost economic development and create a more vibrant private sector, and increase private sector participation and more investment activities.
Having lower electricity cost is a great enabler for business growth and expansion, which is what we want for our economy.
“We acknowledge this policy initiatives that focus on improving the business environment. Effective policies are needed in times where our economic machines are desperately needed to drive growth and expansion in renewable energy.
“The Electricity tariff reduction will also reduce the country’s reliance on imported diesel with the help of Tina River Hydropower, thus a significant reduce in Solomon Islands’ greenhouse gas emissions and local air pollution.
“Finally, the 25% decreased in electricity Tariff will enable private business savings from lower electricity costs to other uses, such as education and expansion.”
SICCI acknowledged the GNUT government for recognizing the private sector as one of the important partners and stakeholders in the economic development and aspiration of the country.
SICCI will continue to work closely with the Solomon Islands Government on-behalf to its members, to make sure private sector is striving and the economy is progressing under supporting policy initiatives.
