Thursday, 12 March 2009 2:33 PM

Urgent Need to Grow our Economy: Hilly

"Economic growth continues to be insufficient in the face of a rapidly growing population, putting pressure on limited national resources," said Hon. Billy Hilly, Minister of Commerce, Industries and Employment during the second reading of the Companies Act 2009.

Mr. Hilly stressed that in the short to medium term, the Solomon Islands will continue to face enormous economic challenges, exacerbated by the current global economic crises.

"There is understandable pressure on leaders of this country to create great opportunities for our people, the majority who live in rural area," said Mr. Hilly. "Employment opportunities must be created together with improved delivery of services including health and education."

Mr. Hilly said that the government has responded to this growing need to increase employment opportunities by establishing key structural reforms. "The review of our company laws is an important component of such structural economic reforms," Mr. Hilly said.

He stated that in this day and age, the Solomon Islands need to compete aggressively in terms of presenting itself as a viable destination for investors. Mr. Hilly said that the introduction of the Companies Bill 2009 is a significant step forward in attracting the kinds of investments that can create more jobs and sustain the growth of the economy in the medium to long term.