Investments in CNMI stir interest in Korea

Flame Sako Resort & Spa’s $60 million to $80 million proposed hotel on Saipan and Neo Gold Wings Paradise’s proposed $300 million casino on Tinian are among the two Korean-owned projects in the CNMI that are stirring investment interest in Korea.

The confidence on the CNMI market shown by these two groups of businesses will be among the points of interest that the biggest publication in South Korea will highlight in their feature about the Commonwealth as investment hub for South Koreans.

Bang Jae-Sun, chairman of the board of The Chosun Ilbo, and reporter Choi Won Soon visited Saipan on Thursday to gather information about the CNMI.

“When we go back to Korea, we will write an article in the newspaper about how Saipan is attractive for tourists and investors,” said Bang.

The Chosun Ilbo owns daily, weekly and monthly publications, along with a TV station, reaching out to some 10 million readers. Its daily prides itself as the most influential newspaper in Korea.

In an interview with reporters in the office of Public Lands Secretary John Del Rosario, Bang said he could guarantee a $10 billion investment in a month once they fully promote the CNMI as an investment place among Korean investors.

Bang said the CNMI’s good climate and it being the nearest U.S. territory to major Asian countries make it an ideal investment place for Koreans. But he said investors are keeping a close watch on developments related to the federalization of CNMI immigration.

Bang said his visit to Saipan is a private one. He was accompanied by reporter Choi Won Soon. After a courtesy visit to acting Gov. Eloy S. Inos, they proceeded to DPL.

Del Rosario said enticing new foreign investors is important in these tough economic times.

Won Suk Bang, strategic planning manager of Flame Sako Resort & Spa, accompanied the Korean media representatives during their visit to Saipan.

In related news, Won said Flame Sako’s deadline for submitting to DPL a financial plan along with an architectural and engineering design is Aug. 30, and not April 30.

DPL’s Del Rosario confirmed this, pointing to an error in the date stated in the lease agreement between DPL and Flame Sako, which previously stated an earlier deadline. He said the error was recognized by the legal counsels of DPL and the Flame Sako, along with the members of the Legislature.

The lease agreement was signed on Feb. 4, and the deadline for submitting a financial plan is six months later or in August. With the corrected date in the lease deal, Flame Sako’s first lease payment by end-August will be $52,320.

Won said the company has already invested $300,000 in the CNMI in the past year.