Last updated: 24 Jan 2013

Market profile

Doing business

Setting up business meetings is very much an informal exercise and be aware the Solomon islands operates on ‘pacific time’. The person you arrange to meet may not show up (so it is always best to re-confirm appointments).

More information on doing business in Solomon Islands

Country Profile

Content supplied by Department of Foreign Affairs and Trade

• ECONOMIC CLIMATE
  Solomon Islands experienced severe economic contraction and stagnation over the period of the ethnic conflict (1998-2003). Since RAMSI deployed in 2003, economic growth has averaged 6.3 per cent, despite a contraction of 1.25 per cent in 2009 during the global economic downturn. In 2011, economic growth was a record 10.7 per cent.
  » read more at DFAT
• POLITICAL CLIMATE
  The unicameral national Parliament comprises 50 members elected for a four-year term under a first-past-the-post voting system. The Prime Minister is elected by a simple majority of members of Parliament.
  » read more at DFAT
• TRADE RELATIONS
  Australia maintains close business relations with Solomon Islands. Shipping and air services directly connect Solomon Islands with Australia and two Australian commercial banks (ANZ and Westpac) operate in Solomon Islands. A number of Australian legal and accounting firms are represented directly or in association with local firms.
  » read more at DFAT

Top Business Risks

• Bribery of Foreign Officials
• Tariffs and regulations
• Doing business in Solomon Islands

OECD Guidelines for Multinational Enterprises

Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government. For more information, go to the AusNCP website.