450 Foreign Investments Audited: First in 25 years

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A total of 450 Foreign Investments were inspected during the operation and assessment on ‘compliances and enforcement’ in various business sectors in Solomon Islands by the ‘Business Monitoring Joint Agencies Committee’ of Foreign Investment Division of the Ministry of Commerce, Industry, Labour and Immigration. Photo Credit: Solomon Times

BY ALEX DADAMU

THE ‘Business Monitoring Joint Agencies Committee’ of Foreign Investment Division of the Ministry of Commerce, Industry, Labour and Immigration has completed its assessment on ‘compliances and enforcement’ in various business sectors in Solomon Islands.

According to Prime Minister Manasseh Sogavare, this exercise and auditing is the first of its kind in 25 years.

A total of 450 Foreign Investments were inspected during the operations and according to figures mentioned by the Prime Minister in his address this afternoon, the Government has so far collected a total revenue of more than 5 million from investors in major provinces in the country, with more to be collected.

Prime Minister Sogavare revealed that the Monitoring unit will perform periodical checks on companies that had been inspected and execute follow-ups on served show-cause notices.

“Investors are reminded to comply with the Laws of the Country,” Prime Minister Sogavare reiterated.