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On investment incentive measure
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Posted on Nov 24 2000
The Issue: The proposed investment incentive measure designed to encourage investment.
Our View: It should be approved forthwith so that infusion of new investment can begin forthwith.
We understand the Senate was to have approved the Investment Incentive measure from the House this week. But it decided to take its Thanksgiving vacation early. It would have been the first measure — in seven years — that should open-up the floodgates for infusion of fresh investments here.
We also encourage policy makers to repeal any and all protectionist measures that have done nothing but fuel the closure of more than 2000 businesses here over the last four years.
With policy makers poised to give its stamp of approval to the Investment Incentive legislation, prospective investors who have been knocking on our doors, can now proceed moving into the next step. The administration should proactively seek for the immediate implementation of the requirements of the proposed law.
We understand too that some of the impending investments pertain to tourism and high technology. While tourism may have declined considerably, there’s nothing wrong with preparing for the eventual rebound of the local economy hopefully soon.
Now, if we are successful in luring the first hi-tech investment into these isles, it could very well set in motion others to set their permanent home here. It means, we should be able to benefit from its wealth and jobs creation–money and jobs. It’s an industry quite unique in itself. It may even require that our educational estate re-align or redefine the future of education for the CNMI.
We thank Speaker Ben R. Fitial for his proactivity in pushing through such substantive legislation. At least, there’s now some sense of hope that things would begin to shift for the better. It may take about three years, but then it’s a good beginning all the way around. Si Yuus Maase`!
