CDA told to promote NMI as investment site

As part of the efforts to spur economic growth, the House of Representatives yesterday adopted a resolution calling on the Commonwealth Development Authority to intensify an information campaign promoting the island’s investment potential.

The lower chamber likewise urged CDA to organize trade missions to the U.S. mainland, Asia and Europe composed of private sector representatives and government officials to help market the CNMI as a good investment site.

CDA, the chief government lending agency, has the financing capability, technical expertise, and business and investment prowess necessary to develop an investment promotional prospectus about the island that will be distributed worldwide, according to the resolution.

Offered by Rep. William S. Torres, the measure also asked the agency to install a business and investment website for on-line inquiry and registration by potential investors in order to tap the increasingly popular Internet communication.

The Commerce and Tourism Committee in a report endorsed the resolution as consistent with the economic agenda set forth by the House leadership, describing it as “greatly beneficial” to the Commonwealth.

Mr. Torres cited the findings of a recent economic study that highlighted the comparative risk advantages for business and investment opportunities in the CNMI as well as recommendations on how to sustain economic growth.

It stressed the need to create a body tasked with marketing the island as an investment site and to be “proactive” in promoting its economic development.

CDA should take the lead in being a marketing arm of the government in enticing foreign investors to set up their businesses here, according to Mr. Torres.

It must also organize a trade team involving the Saipan Chamber of Commerce, the Departments of Commerce and Labor and Immigration, the banking association and representatives from the Legislature and the Governor’s Office which will undertake trade missions.

In a separate resolution also adopted at yesterday’s session, the House praised Japan Airlines for promoting the Japan-CNMI route by lowering its fares up to 76 percent from April through September, 2000.

JAL’s promotion strategy would be a “windfall” for Japanese tourists taking advantage of the promotion and for the local tourism industry, according to the measure offered by Rep. Florencio T. DL Guerrero. (Benhur C. Saladores)