Key Issues Preventing Investors from Investing In Tourism Identified
BY ALEX DADAMU
THE Tourism Investment Needs Assessment in the western province recently has indicated that lack of investment-ready land and land tenure systems are the two main issues preventing investors from investing in Solomon Islands’ tourism sector.
Speaking during the launch of the Solomon Islands Tourism: Investor Guide, the Solomon Islands Tourism: Western Province Investable Sitesportfolio and the Solomon Islands Tourism: Investable Site Identification and Selection last week on Friday, Ministry of Culture and Tourism (MCT) Minister, Hon Bartholomew Parapolo said the Investment Needs Assessment has recommended a focus on registered land to boost tourism investment.
“Work started in 2018 with the implementation of the Western province Tourism Registered Land Survey being carried out by MCT experts along with IFC specialists.
“The result of the survey have been fruitful which resulted in the Solomon Islands Tourism: Western Province Investable Sites portfolio,” Minister Parapolo said.
Western Province Investable Sites portfolio consists of 60 registered land/sites in the Western province that the Ministry can promote to potential investors.
“Each land parcel comes with its profile of information to help guide investors to the most suitable site for their investment project,” Minister Parapolo explained.
Honourable Minister Parapolo in the meantime said with the launch of the three documents, the Solomon Islands Tourism: Investor Guide, the Solomon Islands Tourism: Western Province Investable Sitesportfolio, and the Solomon Islands Tourism: Investable Site Identification and Selection – it has placed his ministry in a good position to promote, secure and drive tourism development through private sector investments.
Australian Acting High Commissioner to Solomon Islands, Sally-Anne Vincent said Solomon Islands is a beautiful country with tourism potential. Australia is pleased to support the Solomon Islands government and IFC in their creation of these important guides.
“We hope they will help drive sustained growth from this industry once borders reopen, including attracting more investors and tourists from Australia and around the world,” she said.
Meanwhile, Counsellor at the New Zealand High Commission to Solomon Islands, Kate Bradlow said, “We have seen the benefits brought by tourism to nations across the Pacific. Sustainable tourism investment represents a great opportunity for Solomon Islands to drive sustainable growth across the country to benefit all. New Zealand values our partnership with the Solomon Islands government and IFC in these important initiatives.”
With the launch of these comprehensive guides, the government and the International Finance Cooperation (IFC) have provided clear explanations on how to invest in land for tourism development, how to identify and select land and provide a selection of potential tourism development locations.
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