Solomon Islands Business

GDP: US$358 million (2007).
Main exports: Timber, fish, palm oil, palm kernels, coconuts, cocoa and copra.
Main imports: Machinery, transport equipment and mineral fuels.
Main trade partners: Australia, Singapore, Japan, New Zealand, Fiji and Papua New Guinea.

Economy

The economy depends on subsistence agriculture and fishing, which together employ about 90% of the population. The agricultural sector produces coconuts, sweet potatoes, cassava, fruit and vegetables; livestock rearing has grown steadily. Copra is still produced in commercial quantities, but low world prices have reduced the income from this commodity.

The Solomon Islands’ main industrial prospect lies in its mostly undeveloped mineral resources. Gold mining is now important and is set for further expansion; in addition, there are confirmed deposits of copper, lead, zinc, silver, cobalt and other ores. In the service sector, there is a small tourism industry which brings in around US$15 million annually, but this has been affected by the poor security situation.

Business Etiquette

Shirt and smart trousers or skirt will suffice. English and French are widely spoken. The best time to visit is May to October.

Office hours: Mon-Fri 0800-1200 and 1300-1630, Sat 0730-1200.

Business Contacts

Solomon Islands Chamber of Commerce and Industry
PO Box 650, Honiara, Solomon Islands
Tel: 39542.
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