The Solomon Islands Government for National Unity and Transformation (GNUT) has allocated around SBD$8 million to host the Honiara Summit 2025, which begins on February 24 in Honiara.
This was confirmed by the Permanent Secretary of the Ministry of Foreign Affairs & External Trade (MFAET), Collin Beck during a press conference in Honiara yesterday.
And being conscious of the country’s current precarious financial situation, Beck, along with other government officials, said this is an investment that is justified.
Whilst the Solomon Islands Government (SIG) is the primary financier of the event, substantial support is also coming from international agencies and regional partners.
Beck contextualized the spending, by stating that the cost of inaction on fisheries sustainability far outweighs the cost of the summit.
“The cost of not taking action on a crisis is more than the cost of hosting the summit,” Beck stated.
“This is a global development agenda, and it ensures that when we do coastal fishing, we do it sustainably,” he added.
Dr Jimmie Rodgers, Secretary to the Prime Minister, Special Duties, provided further insights into the financial breakdown, confirming that the SBD$8 million was approved by Cabinet.
“When you look at the total funding, it’s almost 50/50 or 55/45, with the Solomon Islands Government being the host and spending a significant portion,” Rodgers said.
“The cabinet has approved a budget of SBD$8 million for this event,” he added.
Rodgers also noted that the event’s costs cover infrastructure and logistical expenses, including furniture, sound systems, and facilities that will be used for other regional meetings.
Beck also highlighted the economic and food security stakes at play, explaining that 90% of the country’s population relies on fish for sustenance and livelihood.
Rodgers also echoed this sentiment, pointing out that the investment is minimal compared to the economic potential of better fisheries management.
“When you contrast USD1.7 million being spent on the summit against the USD4-USD5 billion in total landed tuna value from the region, it’s a drop in the ocean,” he said.
Fisheries remain a key economic pillar for the Solomon Islands economy, generating an estimated $250 to $300 million SBD annually, mostly from tuna.
Patterson Lusi, Deputy Secretary for the Ministry of Fisheries and Marine Resources, also emphasized the significance of the event for future revenue streams.
“You can see for yourself the importance of this summit,” Lusi said.
“The outcome will shape the agenda at the UN Ocean Conference in Nice, France, in June 2025, and elevate the Pacific’s voice in global fisheries policies,” he added.
Rodgers also placed the expenditure into perspective, noting that the SBD$8 million allocated for the summit amounts to only 2% of the revenue generated from fisheries annually.
“This is an investment to ensure better management and revenue growth in the future,” he added.
Whilst the cost of hosting the Honiara Oceans Summit 2025 is significant, government leaders are adamant that it is a necessary and strategic investment.
The event not only reinforces the Solomon Islands’ leadership in fisheries sustainability but also sets the stage for increased regional cooperation and improved economic benefits in the long run.
As Beck aptly put it, “This is money well spent.”
