CBSI urges incoming government to support increase export volume

BY NED GAGAHE

Governor of Central Bank of Solomon Islands Dr Luke Forau has urged the incoming government to support and facilitate the export sector.

He said Solomon Islands seriously needs to focus on increasing the export volume.

Speaking at the launching of the bank’s 2023 annual report on Monday Governor Forau said often times we hear exporters complaining about them not meeting the demand of their buyers.

He said the government must support the exporting companies by providing appropriate incentives in order for them to increase their volume.

He adds that this support should include the whole supply chain starting from the farmer (if it’s an agricultural commodity) right up to the exporter. Moreover, the government needs to listen to the exporters, they know best.

“Important to note that the agriculture sector hasn’t reach its potential output yet. Therefore, large investments are needed in the agricultural sector.

“At the same time, it’s about time that we start focusing on adding value to our exports by down streaming our primary commodities. Again, this requires reasonable incentives from the government.

“The country hasn’t had any large investment in the secondary production since the establishments of Soltuna cannery and Palm Oil.

“We must seriously focus on investing in this sector to help boost our GDP. When the export sector booms, our foreign exchange earnings also increase – good for the country! High exports can also cause the local currency to strengthen.” CBSI Governor Dr Luke Forau.

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