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Cohen: Attracting investors need patience, persistence
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Posted on Nov 10 2005
A number of foreign investors have expressed interest in doing business in the CNMI, but it will take a great deal of patience and persistence to get them to start operations here, according to a visiting federal official.
David Cohen, the U.S. Department of the Interior’s deputy assistant secretary for insular affairs, said the federal agency was pleased with the success of the business conference it sponsored in September 2004 and the Business Opportunities Mission in May 2005.
Each island jurisdiction, he said, got its share of potential foreign investors as a result of the trade missions.
The Commonwealth in particular has drawn the interest of companies seeking to start businesses such as a private pharmacy, cruise lines, call center, and a casino resort. There are also investors interested in moving ceramics design operations to Saipan and providing post-graduate education through on-site or distance learning method.
“We’re very pleased with the success that we’re having so far, while we recognize that it’s a continuing effort. It takes a while for businesses to get to a point where they are ready to commit resources to a new place,” Cohen said.
What the government and local businesses can do to maximize opportunities for the island and for the business, he said, is to expose as many businesses as possible to special advantages that may exist in the islands and follow up with them.
“A parade of new investors will not occur overnight. That’s not realistic. We need to find partners to work with and just keep at it,” he said.
Because of its control of its own immigration and minimum wage and other special advantages, the Commonwealth offers business opportunities in the areas of education, telecommunications, marketing, and eco-tourism, among other things, Cohen said.
