How To Recapture Our Lost Economy (Conclusion) By: Anthony S. Pellegrino
“Perception” is a mental image, an impression, a concept, a reputation, a viewpoint of how others view us. Does perception affect our current economic status? How do our Asian neighbors view the CNMI?
If a survey were to be taken of the present hotel owners, garment manufacturers, and other large foreign owned businesses requesting them to answer a series of questions about their “perception” of doing business here, what do you think would be the results of the survey? If we were to ask each of the potential investors that decided not to invest here, what do you think would be their perception.
The bottom line is that many potential investors perceive the CNMI as not a healthy place in which to do business anymore. When we change this negative perception into a positive one. we will be back in business!
Trace the last twenty years and you will find that what started out as harmonious relationships slowly deteriorated into lukewarm relationships. Study the perception that investors have of the CNMI and you will realize that our recovery will be dubious even after Japan and Korea return to their previous eras of posterity.
The CNMI can only recapture its former posterity when it changes its attitude towards foreign investors. The government must hire professional consultants possessing astute international business acumen to educate them on how to navigate the international marketplace. These professionals will package previously agreed incentives for doing business in the CNMI to present to potential investors.
The “previously agreed advantages” must be unequivocally approved by both the Legislature and the Administration. Then everyone will know and understand the rules for doing business in the CNMI. It is not enough to merely have a new policy because policy is in implementation.
Look at how many States in the United States struggle to lure companies and businesses to their State. It is a very competitive activity persuading large corporations, hotels, professional sports teams, amusement centers, or any other large investment to their State. Each State offers a package of incentives in a frantic bid to outdo one another.
Because attracting investors is highly competitive, we must know what an investor is seeking. We must be ready and willing to make necessary concessions to win his favor. If we don’t, other places will. What does the CNMI offer as incentives? We have lost most of the previous incentives.
The Japanese and Korean economies are bouncing back, but their methods of doing business have drastically changed. Never will their banks be so foolishly generous in lending billions of dollars as they did a few years ago. Hawaii, Guam and the CNMI will never experience again the buying orgy that hit the three islands.
We must decide: what are we willing to “pay” for future development and posterity? To what extent do we want investment? Sandy beaches, blue ocean, sunshine are common in many other countries. Those things are not enough anymore. We must be willing to give up some of our “cultural treasures” to gain other treasures in exchange.
Unless we know our goals and keep promises, the future remains bleak. The international marketplace has drastically changed. Are we ready to play In this new arena?
A sound economy is built on the stability and integrity of people. Its quality consists of the proper exchange of a product with another. But always it is people working with people. To survive we must refocus our perception of each other. Once we do, investors will return abundantly. Be of brave hearts marching into the new millennium. The future is ours. Seize it!
MERRY CHRISTMAS AND HAPPY NEW MILLENNIUM !
