Prime Minister Matthew Wale has invited Papua New Guinea companies to invest in Solomon Islands’ mining sector as the country seeks to strengthen resource governance and maximise benefits for its people.
Speaking during a joint press conference with Papua New Guinea Prime Minister James Marape in Port Moresby on Friday, Mr Wale said Solomon Islands wanted to draw on Papua New Guinea’s experience in developing and managing its minerals industry.
He said the Government was determined to ensure the country’s emerging mining sector delivered lasting benefits while avoiding mistakes made in the forestry industry.
“Solomon Islands is looking to Papua New Guinea for lessons in managing the extractive resources sector,” Mr Wale said.
“We want stronger governance over our own natural resources so that they truly contribute to building Solomon Islands in the same way Papua New Guinea has sought to do.”
Mr Wale said the forestry industry had left important lessons after decades of resource extraction produced limited long-term benefits for landowners and communities.
“The forestry industry has, unfortunately, exploited our forests, degraded our environment and left very little lasting benefit for our indigenous landowners and communities,” he said.
“That has been a difficult lesson for us over the past forty years. Sadly, it has also contributed to corruption within much of our public sector.”
He said Solomon Islands did not want similar outcomes as mining projects expand across the country.
“We do not want that pattern to be repeated in the minerals sector.”
Mr Wale confirmed he had invited Papua New Guinean investors to explore opportunities in Solomon Islands’ mining industry, including state-owned enterprises such as Kumul entities.
“It is much easier for brothers to work through challenges together than to deal with partners who are far removed from our region and our culture, and who may not always understand our circumstances,” he said.
Prime Minister Marape welcomed the invitation and said Papua New Guinea was prepared to share its mining expertise while respecting Solomon Islands’ ownership of its natural resources.
He said Papua New Guinea would encourage its mining companies to invest responsibly and help build local capacity, noting that Solomon Islands should retain the larger share of benefits from its own resources.
Following the bilateral talks, officials from Solomon Islands met representatives of Papua New Guinea’s Mineral Resources Authority and Kumul Minerals Holdings Limited to continue discussions on potential cooperation.
The leaders also signed a Framework Agreement on Development and Economic Cooperation to strengthen collaboration between the two countries over the next five years.
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