How To Recapture Our Lost Economy Part III By: Anthony Pellegrino

Before any change can take place, we must admit that we have made several
serious mistakes such as changing rules and practicing double-talk. Our attitude must change.

The government must mend its differences with the private sector. It must approach all the current businesses in the CNMI and rebuild a mutual trust and respect demonstrating that it will and can cooperate. Several members of the Legislature must curb their arrogance and duplicity. They must demonstrate a conciliatory attitude towards business.

Present investors have spread the word: “Stay away. Don’t get shafted as we have been. You cannot trust their word.” We have stripped away all guarantees from private investors leaving them in a quandary wondering what will come next. They have lost faith in the government.

To regain this lost trust will take time. Trust once lost is not easily nor quickly rebuilt. In other words, “clean up our act” with our present investors showing them that they are welcome partners, not suckers. Therefore I heartily recommend the government immediately open a dialogue with the garment industry, the banking industry, the hotel industry and all other major businesses. Government must prove to business that it is an ally. No more them vs. us attitude.

Once government has cultivated a harmonious mutual respect, it must reach out to the investors we scared away. There is no reason we cannot re-approach them demonstrating that the CNMI is once again a good and safe place to invest. To assist us will be the satisfied present investors who will sing our praises now because they will be experiencing a new attitude.

We must think like investors and understand the art of foreign investment. Unless we think like them, we will never understand what investment is all about. International investors have many places to choice from to put their money and resources. They are constantly being wooed by many suitors enticing them with all sorts of incentives. As a result they can pick and choose.

We have to create an atmosphere in the CNMI as a place where they want to come. Investors need stability and consistency. They must be able to predict their investment ventures years into the future. Let them earn a good return on their investment. Stop begrudging their success. We are profiting also. Because they earn their profits through speculative investing and risk taking, they are entitled to a good return on their venture.

It appears that our growth economy, controlled and manipulated by a handful of people, was based on greed and envy. This attitude still prevails today as we begrudgingly tolerate the garment industry while being envious of their success.

Daily we keep charging them more to do business and offering less in return. We are doing the same thing to the hotel industry and other businesses. We must realize that private enterprise is what built America into the wealthiest nation in the world. Government must be business’ protagonist, not it’s antagonist!

Stop thinking that the CNMI is the center of the universe. On a globe search for the CNMI. You will be humbled by its size. Though the land is minuscule, we are as smart and good as anybody else on this planet. But we must act properly in our actions. There can be no room for chicanery or double-talk.

Some cynics must be snickering that I am naive to think that it is so simple to correct the situation. Wake up! People interacting with other people create jobs, wealth, prosperity and human fulfillment. When we talk about development, what do we have in mind–goods or people? (To be continued)