Solomon Islands

The Solomon Islands is a Pacific island nation with dual volcanic island chains that converge in the southern portion of the country’s 1.5 million km2 exclusive economic zone and is a lower middle-income country with a GDP of 1.4 billion USD in 2018. The Solomon Islands has a large agricultural sector that accounts for 34.3% of GDP and includes agricultural and fisheries products such as cocoa, palm kernels, coconuts, pigs, and fish. Agriculture is practiced widely in the largely rural population of the Solomon Islands and is an important source of nutrition, but the sector faces a number of development challenges that include climate change, soil degradation, and a lack of sufficient infrastructure. Likewise, the Solomon Islands supports a large inshore and offshore fishery sector that is primarily based on tuna and includes revenue from a licensing scheme that grants foreign vessels access to the offshore tuna fishery. As well, the Solomon Islands has a large forestry sector that directly contributes approximately 17% to the country’s GDP. However, unsustainable logging practices threaten the long-term sustainability of the forestry industry in the Solomon Islands as well as damage the limited terrestrial area of the country. The industrial sector of the Solomon Islands is responsible for 7.6% of GDP, which is primarily comprised of a manufacturing sector that focuses on fish and lumber processing; but, the Solomon Islands holds an array of mineral deposits, such as gold, zinc, and nickel, that have the potential to be further exploited.

The Solomon Islands also has a service sector that contributes 58.1% to GDP and includes government services, transportation, and telecommunications. Also, in the service sector of the Solomon Islands is the tourism industry, which in 2018 saw 27,900 visitor arrivals. The Government of the Solomon Islands has partnered with the Coral triangle initiative, the World Wildlife Fund, and the Australian Government to sustainably develop the sector, as it has substantial growth potential.

The Solomon islands also has a small but growing startup community that is supported by programs from several United Nations Specialized Agencies, such as the United Nations Environment Programme, the United Nations Conference on Trade and Development, and the United Nations Development Programme. Currently, the technology sector of the Solomon Islands supports a growing number of startups that are poised to benefit from the new international Coral Sea Cable System that replaced less effective satellite communication links in February of 2020. Outside of the technology sector, the aquaculture industry in the Solomon Islands has growth potential the government is trying to sustainably exploit, which could be tapped into through collaborative action with local startups. Lastly, the Solomon Islands has a large base of young workers—70% of the population is below the age of 34—that could benefit from meaningful collaboration in the areas of business development and general startup support.