Cohen, new DOI exec lead business mission in May

A newly appointed Deputy Interior Secretary, together with Office of Insular Affairs assistant deputy secretary David Cohen, will lead a trade mission to the CNMI middle of next month, according to the government.

Press secretary Peter A. Callaghan said about 18 investors from the U.S. mainland will take part in the mission, which is set on May 17.

It is the reason, he said, why the CNMI Commonwealth Address date has to be changed to May 19, Thursday.

The Legislature, which earlier scheduled the Commonwealth Address on May 17, likewise, moved the date to May 19 during a session last Thursday.

“Mr. Cohen will lead the business mission which will be participated in by U.S.-based investors who have expressed interests in the CNMI, Guam, and Palau,” said Callaghan.

The U.S. delegation, he said, would stop by Guam before coming to Saipan. From the CNMI, the group will proceed to Palau.

During the visit, Cohen would also introduce the department’s new deputy secretary to local officials.

An advance team is set to meet with local government officials and the media on Monday to discuss the upcoming business mission.

The Department of the Interior has hosted business summits for the insular areas since two years ago in efforts to promote economic opportunities in the islands among American investors.

The CNMI earlier listed priority industry clusters for interested investors. These include telecommunication-based industries, education, and tourism development, such as cruise industry and eco-tourism.

The CNMI also welcomes investments to develop retirement communities, privatization of public services, transshipment and U.S. Customs pre-clearance, film industry, and gaming.

The government said it favors the diversification of the CNMI’s economy which is currently largely fueled by the garment industry and tourism.

Local authorities highlight the advantages of doing business in the CNMI, citing its duty-free status for eligible goods exported to the U.S., a favorable wage structure, a generous tax incentives through the issuance of qualifying certificates for major investments, tax rebates, and the security and familiarity with the currency and the American judicial system.

In 2003, the Interior Department first organized the regional conference which highlighted investment opportunities in the CNMI, Guam, American Samoa, and the U.S. Virgin Islands.

Last year, the areas included Palau, Federated States of Micronesia, and the Marshall Islands.

This after the U.S. government agreed to infuse $3.5 billion in grants to the Marshall Islands and the FSM over the next 20 years.

“We want to make sure that American firms know about these opportunities so they can win their fair share,” DOI Secretary Gale Norton was earlier reported as saying.