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Korean firms lead foreign investors in NMI
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Posted on Sep 22 2005
Koreans remain number one on the list of top foreign investors in the CNMI this year, Commerce Department statistics showed.
As of August 2005, records show that the government received 208 applications from foreign investors to do business in the CNMI.
Of the total number, 89 investors are from South Korea, 40 are from China, 45 are from Japan, and 27 are from the Philippines.
Others include eight from the United Kingdom, six from “others,” two from Thailand, and one from India.
Of the total applications, 37 are for 90-day period, 142 for long-term renewals, 23 for long-term new business permits, three perpetual permits, and three retirees business permits.
Meantime, statistics from the department’s Foreign Investment Office said that, as of Aug. 31, 2005, it issued a total of 206 business permits: Korea, 93; Japan, 36; China, 30; Philippines, 28; UK, nine; others, six; Australia, two; and India, two.
Of the total permits issued, 40 were for 90-day periods, 137 for long-term renewals, 23 for long-term new permits, and three each for perpetual and retirees.
Commerce economic development analyst and press information officer Glenn Manglona said that, as of June 2005, 159 business permits were issued.
For the entire 2004, he said that permits issued totaled 340.
“The trend looks pretty good. Hopefully, we’ll have more this year. What’s encouraging here is we’re seeing more fresh capital coming in,” said Manglona, citing that as of June 2005, the department issued 22 permits to new investors while, in the whole year of 2004, the number reached only 17.
Retiree investors are those who are 55 years old and above who put up a minimum of $150,000 investment.
Manglona said the interest of Korean investors reflects “the rebound in the Korean economy.” He said it also indicates that the CNMI economy has been attractive since Korean investors “are more of the word-of-mouth kind of business people.”
He said Koreans are into wholesale and retail business, Chinese are into restaurants and service shops, while Japanese business groups are into hotels, tour and travel, and restaurants.
Investors with 90-day permits are foreign individuals who are allowed to stay in the CNMI to explore or begin businesses.
