1 Sep 2011

Solomons sees potential in RIPEL resolution

10:43 am on 1 September 2011

The Solomon Islands Chamber of Commerce says the government's move to buy back the RIPEL plantations of Russell Islands offers huge investment potential for the local economy and private sector.

The government recently signed a five million US dollar exit agreement with RIPEL, ending eight years of the investment's non-activity and labour disputes in the country.

The Prime Minister Danny Phillip said the agreement effectively handed the company assets on Yandina over to the government.

The chamber chairman, Tony Koraua, says he is excited at how the estate could be developed with the next investor.

"I think it's welcoming news to see that a major issue that's been outstanding for quite some time (and) can have an impact on the economy, has finally been sorted. And we now can have an environment where investors can be given the confidence they need to be able to go and invest into that place and just contribute more into the economy of this country, and keep driving our private sectors forward."

The Solomon Islands Chamber of Commerce chairman, Tony Koraua