Growing the Private Sector needs level playing field
The Solomon Islands Chamber of Commerce & Industry would like to see fair and impartial treatment in initiatives for business investment and economic development in the Solomon Islands.
As the organization representing the private sector, SICCI sees the country’s private sector as the engine of growth and the backbone of Solomon Islands economy that contributed revenue into the country’s economy, create jobs and support the livelihoods of our people.
SICCI CEO Mr Dolarii said that “while SICCI acknowledged the Solomon Islands Government initiative of stimulating investment through granting the tax exemption, in principle, we have to trade in strategically not to create further distortion in the economy and for other sectors.
The principle of fair competition is crucial for a narrow private sector base as Solomon Islands. To ensure our private sector drive development, policies and regulations has to be fair and impartial and strategically implemented to target growth in the potential key sectors for growth.
Solomon Islands has a fast-growing population that puts further challenges and demand for services, hence our businesses need to be competing on a level playing field, whilst are guided and administered by sound economic regulations and policy that promote good governance for the private sector.
SICCI members wish to see that tax exemptions should be fairly granted to include businesses that were affected by the recent Honiara riot and needed sectors of the economy, especially the newly start up SME’s who struggle to achieve growth.
As a matter of fact, government can consider providing tax incentives to newly start up SMEs to enable them to be financially equipped with their businesses. Within the private sector, a lot of newly start up Small and Medium Enterprises (SMEs) yet to solidify their foundations challenges in meeting their financial obligations such as paying tax while they contributed a lot into the country’s economy. This would be a benefit for the SME sector.
Mr Dolarii also stated that “a healthy private sector also depends on the policies and services Government provide. If government policies, priorities and services were unfairly accorded, the private sector contributions to the economy may not improve over the next few years, and this is a risk for the economy of Solomon Islands”.
SICCI calls on the government to ensure fairness in its policies and services. Incentives that do not encourage fair competitions within private sector will likely result in a less competitive environment for business activities. Therefore, while SICCI members support investments initiatives, SICCI urge the Government to uphold the spirit of fair competition in the market and continue to prioritised private sector growth as it is the driving force behind Solomon Islands’ economy.
Solomon Islands Chamber of Commerce and Industry (SICCI) is aspired to work with the Solomon Islands government (SIG) to ensure a higher performing economy that sustain and create job opportunities for the growing population through sector services.
-SCCI Press Release