Governor tells new gov’t to prioritise export to grow economy

With a new government only days away, the Governor of the Central of Solomon Islands appeals for them to put more focus on export to grow the economy.

Dr Luke Forau made the appeal whilst launching the bank’s 2023 Annual Report today.

Dr Forau stresses that the new government must support and facilitate the export sector. 

“Solomon Islands seriously needs to focus on increasing the export volume. Often times we hear exporters complaining about them not meeting the demand of their buyers.” 

He adds the government must support the exporting companies by providing appropriate incentives in order for them to increase their volume. 

“This support should include the whole supply chain starting from the farmer (if it’s an agricultural commodity) right up to the exporter. Moreover, the government needs to listen to the exporters, they know best,” he said at the launching. 

Dr Forau said it is important to note that the agriculture sector hasn’t reach its potential output yet. 

“Therefore, large investments are needed in the agricultural sector.

At the same time, it’s about time that we start focusing on adding value to our exports by down streaming our primary commodities. Again, this requires reasonable incentives from the government,” he said.

Dr Forau said the country hasn’t had any large investment in the secondary production since the establishments of Soltuna cannery and Palm Oil. 

“We must seriously focus on investing in this sector to help boost our GDP.

When the export sector booms, our foreign exchange earnings also increase – good for the country!

High exports can also cause the local currency to strengthen,” he added.