HONIARA, Solomon Islands – Transformative action is needed to accelerate economic growth in Solomon Islands, with government and private sector stakeholders urged to move beyond the conventional approaches that have shaped the country’s economic development over the past 48 years.
Chief Executive Officer of the Solomon Islands Chamber of Commerce and Industry (SICCI), Mr. James Dolarii, issued this strong call during the second National Business Forum 2026, recently held in Honiara.
Mr. Dolarii highlighted several critical barriers constraining private sector development and outlined key recommendations to lift the economy from its projected growth trajectory of 3–4 per cent to an ambitious 7–8 per cent. He described this higher level of growth as essential for creating more jobs, business opportunities and improved livelihoods for Solomon Islanders.
Mr. Dolarii identified the high cost of electricity as one of the most significant barriers to business growth, noting that it is often the first or second-highest operating expense for businesses after payroll.
He called for amendments to the Electricity Act to be fast-tracked to encourage greater competition, open the market and enable wider adoption of affordable renewable energy solutions, particularly solar power.
“We have abundant sunlight and significant unused roof space. It is time to invest in solar systems and create a more open and competitive electricity market that delivers affordable energy and supports business growth,” Mr. Dolarii said.
While access to finance is frequently discussed as a major policy challenge, Mr. Dolarii emphasised that the reality is more complex. Businesses face different challenges when applying for loans, generating sufficient revenue and meeting repayment obligations.
He called for a coordinated support system that not only connects businesses to finance but also provides access to commercial opportunities that enable them to grow, generate revenue and meet their financial commitments.
“I would like to make a special request to the government and development partners to support local SMEs that have the potential and capacity to grow by giving them greater access to opportunities,” he said.
“The government is the largest spender in the domestic market. Directing more opportunities towards capable local SMEs will help businesses expand, create jobs and strengthen the national economy.”
Mr. Dolarii commended the Ministry of Commerce, Industry, Labour and Immigration for supporting approximately 14 to 15 local SMEs through partnerships facilitated during the Papua New Guinea–Solomon Islands Investment Conference.
He encouraged local businesses to strengthen their capacity to participate in future partnership, procurement and investment opportunities. He also called for stronger local-content provisions to ensure that Solomon Islands businesses benefit meaningfully from major projects and economic activities.
“We need our local businesses to build their capacity and become part of these initiatives. The Chamber recognises this as an important step towards strengthening local content and increasing the participation of Solomon Islanders in the national economy,” he said.
SICCI is also working to strengthen governance across the public and private sectors through director training programmes and other capacity-building initiatives.
Mr. Dolarii stressed the importance of aligning national policies with the government’s broader economic objectives to create an enabling environment for private sector development.
He welcomed the announcement that the SME Bill would be presented to Parliament, describing it as critical legislation for guiding and governing the sustainable growth of the SME sector.
He also called for a review of the national tax system, including consideration of targeted tax exemptions or incentives for SMEs operating in the provinces. Such measures, he said, could encourage investment, support decentralised economic activity and create employment opportunities outside Honiara.
With small enterprises accounting for an estimated 80 per cent of businesses in Solomon Islands, compared with approximately 20 per cent represented by larger corporate entities, Mr. Dolarii emphasised the need for strong and practical support systems to help SMEs survive, expand and create jobs.
“The underlying objective is to drive economic growth, and both SMEs and large businesses have an important role to play,” he said.
“When a business grows from employing four people this year to ten people next year, that growth creates additional jobs and opportunities for Solomon Islanders.”
In his closing remarks, Mr. Dolarii urged government, businesses and development partners to move beyond business-as-usual approaches and pursue new and practical solutions to strengthen the economy.
“Let us move beyond the conventional approaches to private sector development. We need something robust, something new and something different from what we have done over the past 48 years,” he said.
“Let us develop bold and effective policies that will strengthen the Solomon Islands economy and advance our development as an independent Pacific nation.”