By Loretta B Manele
The recent signing of a joint venture agreement between Solomon Islands National Provident Fund (SINPF) and Papau New Guinea’s O’Neill Remington Group is historical and vital for transformative development.
These two parties are now co-owners of King Solomon Hotel and SINPF’s decision to have this partnership was described by Manasseh Sogavare, finance minister as a “wise one”.
In his address at the handover ceremony of the hotel last week, he said SINPF is embarking on its most ambitious journey yet to make tourism a significant contributor to our society and economy.
Sogavare pointed out that hotels provide much needed employment and opportunity for supply chain development.
While tourists on the other hand, want to enjoy local culture, local food, our history and create lasting memories that they share as stories with their families and friends back home.
Henceforth, he said hotels like King Solomon have an important role in developing our tourism industry and providing lasting positive impressions of our entire country to our visitors.
Sogavare went on to state that SINPF’s decision to invest in the King Solomon Hotel is a wise one.
He said our very own fund, SINPF is our country’s largest investment fund and the decision to acquire King Solomon Hotel and to retain its majority ownership makes perfect economic and financial sense.
“Because it invests our money in a transformational undertaking that will generate much higher levels of return for SINPF members than current investments.”
He stressed that this investment will achieve excellent returns for the members while simultaneously playing an instrumental role in helping to develop the tourist industry and broaden the economic base of our country.
The minister for finance and treasury also took the opportunity to acknowledge Peter O’Neil, former Papua New Guinea Prime Minister and businessman.
Sogavare said the O’Neill Remington Group brings to the partnership years of successful hotel business development and management.
“This is a key experience the national provident fund does not have and we must admit that.”
Sogavare stated that O’Neill knows what it takes to make good investments at a country level and also how to make hotel business successful.
In this regard, he said he is encouraged that O’Neill sees King Solomon Hotel as a viable opportunity to invest in and grow the tourism industry in Solomon Islands through his company’s joint ownership of King Solomon Hotel Limited.
Sogavare noted that this joint partnership between SINPF and O’Neill Remington Group is a prime example of the government’s policy in action.
He thanked the O’Neill Remington Group for believing in Solomon Islands and for partnering with SINPF in this transformational undertaking.
Sogavare then extended his gratitude to SINPF board and management under the leadership of SINPF chairman Dr. Sir Jimmy Rogers for enabling this joint venture development.
“This is historical joint venture investment delivering on our government’s mandate is to prioritize the development of the tourism industry in our country.”
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