By Loretta B Manele
High electricity costs is taking a toll on the growth of businesses in the capital.
Namoi Kaluae, SICCI (Solomon Islands Chamber of Commerce and Industry) Chairlady spoke about the scenario at the PM’s Breakfast event at the Heritage Park Hotel yesterday.
She expressed that results from a recent survey outline the impact of high electricity costs on city businesses.
Kaluae stated that results indicate that a staggering 80 to 85% of city members have faced revenue losses and decreased productivity due to soaring electricity expenses.
She added that some key findings from their members indicate that 60% of businesses struggle to meet client headlines.
Kaluae also said that 83% reported that high operational costs are hindering their ability to thrive.
Moreover, she pointed out that given these challenges, they strongly recommend a prompt intervention in the form of legislative reforms aimed at reducing power costs.
Kaluae said allowing for independent power production could be a significant step towards alleviating the financial strain on our businesses.
“We put this forward for your consideration as it can make a meaningful difference in fostering a thriving business landscape that not only supports local enterprises but also champions the principles of local content.”
The event was attended by Prime Minister Jeremiah Manele, ministers of the crown, members of the Diplomatic Corps, permanent secretaries, senior government officials, SICCI board members, entrepreneurs and members of SICCI.
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