DOI investment confab moved to Los Angeles

The Department of the Interior has decided to hold its upcoming September investment conference for island territories in California rather than Washington D.C. to reach out to businesses that are closer to the islands.

“We are reaching out to the business communities especially in the West Coast, and Hawaii. We are moving to Los Angeles. There’s a lot more business ties in the Pacific… We hope to get more businesses aware of the opportunities in the islands,” said Cohen.

At the same time Cohen said that DOI will invite the Freely Associated States to the conference for the first time. These include the Marshall Islands, Palau, and the Federated States of Micronesia.

During the Sept. 2003 investment conference in D.C., only the insular areas of the CNMI, Guam, U.S. Virgin Islands, and American Samoa participated.

DOI said this year’s summit is a follow-up on last year’s business prospects. And while the previous conference was widespread, this year would be “closely targeted” based on the experience from the last conference.

“Last year was the first step. We did a lot of analysis of what business might have as potentials. It’s a basis for us to follow up,” said Cohen.

For instance, he said one of the business potentials identified in the CNMI was mining opportunities at Mt. Pagan. Further discussions would be made on the issue this year, but he said this is something to be decided by the local community.

As far as DOI is concerned, he said it would not support or oppose any particular project. “There are issues involved. Just because we identified an opportunity doesn’t mean that there won’t be local issues to be resolved. We don’t support or oppose any particular project. Our whole objective is to get the right people together so that the islands and the business community can decide what opportunities they are going to pursue. It’s up to the people of the islands,” Cohen said.

This came even as some local groups, including the House of Representatives, moved to suspend mining activities on Pagan amid the growing interest of investors on the project. The suspension would take place pending the conduct of a feasibility study.

Meanwhile, Office of Insular Affairs resident director Jeff Schorr said that Tomas Kandl, a graduate of Wharton School of Business, would be on Saipan to meet with local business people and government officials in relation to the upcoming conference in L.A.

Schorr said Kandl would discuss his plans and studies to be conducted, which would later be presented during the conference in September.

Schorr said the study is similar to the report submitted last year by DOI/Wharton Investment Program specialist Natalie Kulik, in time for the 2003 Investment Development Conference held in Washington D.C.

The Secretary’s Conference on Business Opportunities in the Islands will be held on Sept. 23 and 24 at the Marriott Hotel in Los Angeles.