Strategic Economic Dev't. Council tackles plan
The CNMI’s Strategic Economic Development Council (SEDC) comprised of private and public representatives met anew last week in what is expected to be an accelerated series of meetings aimed at producing a long-term development plan by the end of this year.
Gov. Pedro P. Tenorio, House Speaker Benigno R. Fitial, and Senate Vice President Thomas P. Villagomez joined key executives from local and regional banks, hotels, retailers, and travel agents at the meeting, where the chief executive reaffirmed his commitment to the goals of the Council.
Those goals are to develop a strategic economic plan to guide future development in the CNMI through improvement of the quality of life for citizens and cushioning the anticipated loss of local manufacturing.
SEDC has met several times since its inception in December, and is developing a plan to generate an additional $200-million in incremental government revenues between 2001 and 2005 to offset an estimated shortfall resulting from a loss of manufacturing revenue.
While considering other economic initiatives such as the Free Trade Zone, members are initially concentrating on the expansion of tourism.
During last week’s meeting, SEDC Chairman and DFS Region President Scott Bowman reaffirmed the need to add 900 new tourist-class hotel rooms by 2004 and to develop new entertainment and tourist attractions during this window of time.
The Council has formed a special sub-committee to develop a strategy to increase air service to the Commonwealth, and Mr. Fitial said meetings with potential new air service providers are expected.
It will also seek to attract increased service from existing carriers, as well as new service from Haneda Airport, Japan when it becomes available.
SEDC members and participating legislators met twice last week to review existing qualifying tax certification legislation that will offer hospitality and technology-oriented businesses tax incentives in exchange for desirable development. The revisions are expected to be incorporated as Senate amendments to the bill.
In connection with expanding local attractions and enhancing the CNMI’s image as a first class destination, SEDC is also expected to revisit zoning laws that will regulate development while remaining sensitive to the needs of private landowners.
According to Mr. Bowman, a recent survey of Japanese visitors has shown that the top four reasons for vacation travel are the availability of leisure activities, shopping, escape from daily stress and outdoor activities.
Based on this information, SEDC said the Commonwealth has the potential to attract significantly more visitors in order to meet its economic goals.
