THE British government has expressed its readiness to provide technical assistance to Solomon Islands Government for the Bina Harbour Tuna Processing Plant in West Kwaio, Malaita Province.

The Bina Harbour project is expected to create employment opportunities in Malaita and generate much-needed revenue for the country.

The new British High Commissioner to Solomon Islands and Nauru, Paul Turner told the media yesterday that the UK could assist in attracting private sector investment and capital for the project.

“I’m closely following this because I’ve worked on similar projects in East Africa,” High Commissioner Turner said.

“I’m enthusiastic, but I believe we need a realistic feasibility study. The New Zealanders have conducted one, but we must ensure it is practical and comprehensive,” he added.

High Commissioner Turner emphasised that infrastructure development is crucial before attracting investors.

“The challenge is ensuring that enabling infrastructure is in place to attract capital for the processing factory.

“I don’t think we’re quite there yet, but if we can offer any technical advice, we will. I have already been discussing this with my New Zealand counterpart,” he said.

Whilst expressing UK’s readiness to support the Bina Harbour initiative, High Commissioner Turner acknowledged that securing private investment remains a significant challenge.

“The idea makes complete sense. Developing the country’s maritime resources is a logical step,” he said.

“However, the biggest challenge will be attracting private capital.”

High Commissioner Turner said Bina Harbour’s deepwater port and processing potential make it a viable location, provided there is proper infrastructure.

“If roads and essential infrastructure are in place, accessibility won’t be an issue. But significant planning is required to attract the private sector,” he stated. “At this stage, I would describe my outlook as one of cautious optimism.”

Assistant Secretary for Project Management at the Ministry of Fisheries and Marine Resources, Lisa Sigamanu stressed that the Bina Harbour project is a critical economic driver for Solomon Islands.

She noted that the country’s annual tuna catch is approximately 10,000 metric tonnes (MT), with only 30 per-cent processed locally. The remaining 70 per-cent is exported as whole fish.

To increase local processing by an additional 30,000+ MT, the project requires:

1. 20+ hectares of land
2. USD 232 million in capital expenditure (for infrastructure and plant)
3. 1,600 direct employees for the processing facility
4. A locally flagged and crewed fleet of six purse seiners and up to 25 longline vessels
5. A processing plant capable of producing 33,000 MT of cooked loins annually, plus 2,000 MT of whole fish
6. A 5,000 MT cold storage facility
7. A rebate system from the Solomon Islands Government (USD 210/MT for five years, reducing to USD 150/MT thereafter)
8. An investor with the financial capacity to operate in Solomon Islands

Once operational by 2028, the plant is expected to:

1. Generate USD 409 million in economic value over 15 years
2. Contribute an estimated USD 27 million per year
3. Create additional supporting industries

Despite its potential, Ms Sigamanu highlighted several key challenges:

1. Lack of infrastructure (land, ports, water, and power)
2. Limited access to investment capital
3. Restricted market access for processed fish

However, she stressed the need to focus on solutions rather than obstacles.

Ms Sigamanu outlined major achievements in the 20-year journey to develop the project:

1. 170 hectares of land registered with the Bina Talifu Trust Board (2020)
2. Feasibility studies on water and harbor needs (supported by the Australian Government in 2019 & 2023)
3. Geotechnical investigations ongoing to refine infrastructure requirements
4. Dedicated support teams from the Solomon Islands & New Zealand governments
5. International Finance Corporation (IFC) providing financial and economic modelling advisory services
6. Discussions with Pacific nations for fish supply (to mitigate seasonal tuna fluctuations)
7. Community engagement with local stakeholders
8. Strategic partnerships, including the East New Britain Initiative (ENBi)

The fisheries sector plays a major role in the Solomon Islands economy as it contributes 10 per-cent of the total government revenue. The offshore sector alone adds USD 23 million to the country’s Gross Domestic Product (GDP).

Solomon Islands has the third-largest population in the Pacific, making fisheries a crucial economic sector to its sustenance. 

By EDDIE OSIFELO

Solomon Star, Honiara