The Solomon Islands Chamber of Commerce and Industry (SICCI) has signed a Memorandum of Understanding (MoU) with the Papua New Guinea-Solomon Islands Business Council Inc. (PNGSIBC) in Honiara on Thursday, marking a significant step toward strengthening regional business collaboration.

The MoU establishes a platform for dialogue, networking, and innovation between the two private sector bodies. It aims to open new avenues for trade and investment while fostering high-level collaboration that extends beyond government engagement in both countries.

SICCI Chair Ms. Namoi Kalaue highlighted the MoU’s broader impact.

“This agreement reflects our commitment to working in partnership with PNGSIBC to identify shared opportunities, address private sector challenges, and promote effective collaboration between our business communities. Strengthening our businesses ultimately benefits our local communities.”

Ms. Kalaue emphasized that the MoU will support advocacy for policy-making, enabling Solomon Islands businesses to engage directly with their PNG counterparts, access new platforms, and receive strategic guidance.

“Through this MoU, we now have a structured connection that will make collaboration and support between our countries much easier,” she said.

SICCI Vice Chair Mr. Gordon Denty echoed this optimism, noting that while formal trade agreements exist between the two countries, the MoU emphasizes business-to-business collaboration, providing concrete opportunities for growth.

PNGSIBC President Ernie Gangloff underscored the potential of the agreement to strengthen economic and private sector ties.

“The MoU acknowledges the vital role of the private sector as an engine of growth. By collaborating, we can overcome obstacles to business development, explore co-investment opportunities, and expand public-private partnerships,” he said.

The MoU outlines several areas for collaboration, including agriculture, tourism, infrastructure, financial services, retail, healthcare, technology, and innovation. Both parties have agreed to:

• Engage in continuous dialogue, networking, and collaboration on issues affecting private sector growth.
• Foster a favorable business environment by identifying solutions to shared challenges.
• Utilize the MoU as a strategic platform for facilitating practical trade, investment, and innovation opportunities.
• Support government policy development and legislative initiatives that enhance public-private partnerships.

The partnership demonstrates a shared commitment by Solomon Islands and Papua New Guinea to strengthen regional economic cooperation and promote sustainable private sector growth.