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Babauta heads to LA investment confab
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Posted on Sep 22 2004
Gov. Juan N. Babauta yesterday flew to Los Angeles for the 2004 Business Opportunities Conference, leading some 50 representatives from both the government and private sectors.
Babauta’s departure leaves Lt. Gov. Diego T. Benavente as acting governor, who stressed the economic gain that the CNMI could obtain from actively participating in the conference.
“Majority of the travelers are from the private sector,” Benavente said, adding that there are only four representatives from the Governor’s Office.
Government representatives to the conference includes the CNMI Water Task Force’s Don Smith, who has been working on the purchase of a well drilling equipment worth about $800,000.
“If we want economic growth, if we want development, we have to go out and find investors,” Benavente said.
He illustrated the government’s allotment of some $2.6 million to boost tourism marketing efforts for the CNMI when the Babauta administration assumed office, explaining that the fruit of the investment could now be seen from increased visitor arrivals to the islands.
He said the CNMI provides financing and construction opportunities for U.S. investors. For water infrastructure projects alone, Benavente said the CNMI government plans to spend some $1.5 million within a few years.
Also attending the conference, which is slated from Sept. 23 to 24 at the Marriott Hotel in downtown Los Angeles, is Galvin DeLeon Guerrero, the governor’s special assistant for special projects.
Guerrero earlier said private company delegates represent diverse industries on the islands, such as retail, manufacturing, wholesale, agriculture, energy, education, and legal service.
Some of these companies are Saipan Shipping, International Business Professional College, and a hot pepper production business on Rota. The DFS Galleria is one of the event’s co-sponsors.
Guerrero had said the conference, which is being organized by the U.S. Department of Interior, would provide local companies the opportunity to partner with U.S.-based firms for possible investments and projects in the Commonwealth.
