Previous Story
$1.5M in fresh capital infused into NMI
|
Posted on Jun 06 2005
Commerce Secretary Andrew S. Salas disclosed that between January to May 2005 alone, the CNMI experienced a $1.5 million in fresh foreign capital infusion into the CNMI economy.
This was a result of new investment permits issued for investors who each put in a minimum of $150,000 under the long-term business certificate program.
According to the investment approved by the department, 14 applications or 12 percent of long-term business certificates were issued during this period. Of the 14, 10 investors were for new ventures while four were for either transfers of shares or changes within an existing organization.
Manglona said the new companies are in wholesale/retail business.
In addition, there were two retirees who have availed of the foreign retiree visa. This program, according to Salas, will be pursued aggressively in order to entice the silver aged market in making the Commonwealth their retirement home destination.
“The trickle down effect of these investments will translate into job creation and opportunities to our local economy,” said Salas.
The Commerce Department’s plan is to make investment more obstacle-free in order to make the environment conducive for economic development, according to Glenn H. Manglona, economic development analyst/public information officer of the Commerce Department. (PR)
