PAPUA New Guinea and the Solomon Islands have signed an agreement to strengthen trade and investment, infrastructure development, security and development cooperation on regional matters over the next four years.
Prime Minister James Marape and his Solomons counterpart, Matthew Wale, signed the framework agreement on development and economic cooperation 2026-2030 after their meeting at Melanesia Haus in Port Moresby on Friday.
Wale was in the country for his first State visit following his election in Honiara on May 15.
“Papua New Guinea affirms its full support behind Solomon Islands,” Marape said.
“We both have challenges that are almost the same, whether it’s security, economic, social or border, and even our response to the world and the geopolitical contest.
“The agreement will strengthen cooperation in investment, trade and commerce, mining and other resource sectors, fisheries, agriculture, State-owned enterprises, policing and security, maritime cooperation, and regional affairs.
“As two people from the same ancestry and same history, it is important that we co-exist, understand each other and work side by side.”
The agreement covers the expansion of a two-way investment and business activity to more than K1 billion. “Papua New Guinea must appreciate Solomon Islands as a country where we have our biggest foreign investment from PNG companies,” he added.
“Solomon Islands has been a wonderful host to PNG businesses, and we look forward to sending more investors there.
“Likewise, we invite Solomon Islands investors and businesses to come and operate in Papua New Guinea.”
In response, Wale said the agreement would provide the path forward in areas of mutual interest, including that of the Melanesian Spearhead Group which both countries are members.
Meanwhile, Governor-General Sir Bob Dadae welcomed Wale during a courtesy call to Government House.
