The initial bilateral consultation on the Investment Promotion and Protection Agreement (IPPA) between the Governments of Papua New Guinea and Solomon Islands was held this month in Port Moresby from 12-13 September 2011.

The consultation reaffirmed commitment to conclude an IPPA as part of efforts to further enhance investments and business relations between both countries.

During the consultation meeting, both countries welcomed and acknowledged the consultations as an important development to commence this process.

From the consultation, it was agreed that Solomon Islands will host the first round of the PNG/SI IPPA Negotiations before the end of the year, at a date and venue to be confirmed.

The Solomon Islands delegation was led by Mr Hence Vaekesa, Permanent Secretary/Ministry of Commerce, Industries, Immigration & Employment, which also included Mr Derrick Aihari, Director/Investment Division and His Excellency Mr William Soaki, Solomon Islands Acting High Commissioner to Papua New Guinea.

Source: Press Release, Government Communications Unit