SOLOMON ISLANDS AND PAPUA NEW GUINEA SIGN INVESTMENT AGREEMENT

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HONIARA, Solomon Islands (April 16, 1999 - PACNEWS/SIBC)---An investment agreement between the Solomon Islands and Papua New Guinea is to be signed today, paving the way for the setting up of a one-stop Solomon Islands investment agency.

The Memorandum of Understanding (MOU) involves PNG's Investment Promotion Authority and the Solomon Islands Ministry of Commerce, Employment and Tourism.

The new investment agreement will allow exchanges of investment personnel and information between the two countries.

Solomon Islands Director of Investment John Mae said the current Government investment process is slow because of the lack of an organization that amalgamates all the investment functions with backup services, including those pertaining to labor, immigration and company registration.

Mae noted that back-up services are dispersed throughout various Government ministries and this slows down the entire investment process.

The Memorandum of Understanding is expected to rectify the situation.

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