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‘CNMI on the road to recovery’
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Posted on Nov 14 2006
Things are looking up for business friendly Northern Marianas, Lt. Gov. Timothy P. Villagomez told investors at the 2006 Island Business Opportunities in Honolulu, Hawaii.
One of the speakers during the event’s opening ceremony, Villagomez said that many investors are keen on coming to the CNMI.
“There is no doubt about it. The Commonwealth is on the road to full economic recovery. Many recent investors share our enthusiasm and have made significant new financial commitments to our islands,” Villagomez said.
The imminent telecom deal between Japan’s NTT DoCoMo Inc. and the owner of Hafatel, GuamCell and SaipanCell is only one of these investments, he said.
Villagomez also touted the advantages of doing business in the Commonwealth, including those provided by the Covenant and by legislation. He cited the CNMI’s labor and immigration control, exemption from U.S. coastwise laws, tax rebate system, qualifying certificate program, and the approved destination status from the Chinese government.
But most importantly, Villagomez said there are many opportunities awaiting investors in the Commonwealth.
“We have a range of development opportunities that cannot be matched by any other insular area because of the variety among our many different islands,” he said.
He noted that each island in the Northern Marianas has unique qualities and presents different investment opportunities.
The CNMI government, he said, hopes that Saipan will have more destination enhancement projects, serve as headquarters for companies that wish to do business in Asia, attract Asian students who wish to learn English in an English-speaking community, or retirees looking for a warm and hospitable home away from home.
For Tinian, the investments that the government wants to see developed are the casino, retirement, and military tourism industries.
Rota, “perhaps the most beautiful of our islands,” is excellent for eco-tourism, Villagomez said.
He added that eco-tourism, as well as mining, opportunities are also available in the Northern Islands.
