In terms of actual numbers, the nation welcomed 4,400 visitors in 2020, placing them 201st in the world.
It is abundantly clear that smaller nations frequently outperform larger nations in terms of total tourist numbers. When larger countries are used as a comparison, this is the case. The results are significantly more comparable when the tourist numbers are compared to the nation’s population. The nation was ranked 193rd in the world with 0.0062 tourists per resident. It came in fourth in Melanesia.
The country’s total revenue from the tourism industry in 2020 was about $7,000,000. This is equivalent to 0.43 percent of its GDP and almost 2 percent of all international tourism earnings in Melanesia.
The country was ranked 74th out of 183 economies in a recent World Bank and International Finance Corporation survey on how easy it is to start and run a business.
On Doing Business 2012, 183 economies’ domestic business regulations are rated, and the economies are ranked in 10 categories of business regulation. It is ranked among the top 12 nations in the world for the highest increases in business accessibility.
The rules measured for the 2012 Doing Business Report ranged from June 2010 to May 2011.
According to World Bank director for global indicators and analysis Augusto Lopez-Claros, “Entrepreneurship is hampered when regulation is overly complex or burdensome”.
Revenues from tourism
17.10 million US dollars, or about 3.6 percent of the GNP, were made through tourism in 1995. This equated to approximately 11,800.00 in tourism at the time or about 1,449 USD per person. The country’s reliance on tourism has grown significantly over the last 25 years. Before the onset of the COVID-19 pandemic, sales were $82 billion, or 5.1 percent of GDP. Consequently, each visitor to the Solomon Islands spent $2,837 on average during their trip there.
Tourism revenue fell precipitously in 2020 as a result of the COVID-19 epidemic. Only $7.00 million billion was left of the $82.00 million billion (2019). This represents a 91% drop from the Solomon Islands.
Contribution of travel and tourism to GDP
The country’s travel and tourism sector contributed 12.8% of the country’s GDP in 2019. Despite significant fluctuations in recent years, travel and tourism’s (% of GDP) contribution to the Solomon Islands’ GDP generally increased from 2000 to 2019, reaching 12.8% in 2019.
How to obtain a tourism license
The application process for a tourism license is under the jurisdiction of Tourism Solomons, which is responsible for monitoring the process. People that run businesses in the tourism industry, such as hotels, diving shops, and game fishing outfitters, among other businesses, are eligible to receive licenses to conduct their operations legally. These permits must be renewed on an annual basis.
Reasons to Invest in the Solomon Islands
The government is looking for innovative solutions to maintain the nation’s economic stability over the long term. As a result, one of the topics the government is looking at is how to facilitate and support investments and activities that promote economic and development progress. In this regard, as part of its objective to attain self-reliance, economic independence, and sustainability, it is placing significant weight on private sector investment and development. According to InvestSolomons, the government views foreign investment participation in this country’s development as a crucial tool for achieving this goal in light of this policy.
Rich in natural resources, the nation presents special investment opportunities with broad investment potential across many sectors. The Government welcomes foreign investors who can take advantage of these investment prospects. They also welcome investors who can engage in profitable economic activities that will be advantageous to both the investor and the people.
