Gov. Arnold Palacios met with U.S. Secretary of Commerce Gina Raimondo at a roundtable meeting in Washington, D.C. today. He is attending the 2023 SelectUSA Investment Summit, organized by the U.S. Department of Commerce, as part of the CNMI’s efforts to attract new investments to the CNMI.
The SelectUSA Investment Summit is the highest-profile event dedicated to promoting Foreign Direct Investment (FDI) in the U.S. and U.S. territories including the CNMI. This year’s summit is expected to feature thousands of attendees representing over 80 markets, as well as over 1,900 foreign investors who have been vetted by the U.S. Department of Commerce.
U.S. Secretary of Commerce Gina Raimondo greets CNMI Governor Arnold I. Palacios before a roundtable discussion where Palacios highlighted investment opportunities in the CNMI. Governor Palacios is in Washington DC this week to attend the SelectUSA summit, organized by the U.S. Department of Commerce to invite Foreign Direct Investment in the U.S. and U.S. territories. This year’s summit drew more than 1,200 business investors with representation from 70+ international markets. This year was also the first time that all five insular area governors attended and presented investment opportunities in the territories.
CNMI Governor Arnold I. Palacios spoke at an event hosted by India’s Ambassador to the United States Taranjit Singh Sandhu (not in photo) for Indian companies that are currently investing in or planning to invest in the United States. India has one of the fastest growing economies in the world and is the source of one of the largest foreign direct investments in the United States. Also in photo is U.S. Ambassador to India Eric Garcetti (second from right) and Governor of Guam Lou Leon Guerrero (third from eight). North Carolina Governor Roy Cooper and other officials also spoke at the event. Governor Palacios is in Washington D.C. this week to attend the SelectUSA summit, which is recognized as the most significant event dedicated to advocating for Foreign Direct Investment in the U.S. and U.S. territories. This year’s summit was attended by governors of all insular areas including the CNMI, Guam, U.S. Virgin Islands, Puerto Rico, and American Samoa. (CNMI Office of the Governor)
6 Comments
Mabel Doge Luhan
05/05/2023 at 4:11 PM
There’s a cargo cult mentality of “investors” showing up and dropping bales of cash and meth and then we have a party. I don’t know where the “investors” terminology comes from, but it’s not the right term. The CNMI has nothing to invest in. Business people need to start businesses. Right now, they will turn and run when they get shaken down by all the “licensing” and “reporting” requirements. There’s no other jurisidction under the US flag that requires monthly income tax filings, monthly employee reports, and quarterly workforce projections — in addition to all the shakedowns of “zoning permits,” “occupancy permits,” “fire permits,” “workers’ compensation certification,” and all the rest. The soe purpose of all of these is creating government desk jobs and bribe collection opportunities. Well-connected businesses are effectively exempt from these requirements, but that doesn’t include the new businesses that we’re supposedly trying to court. Is it surprising that by emulating the Philippines in our business climate, we also get to emulate the Philippines in economic prosperity?
Troy Torres
05/06/2023 at 11:57 AM
Guam’s permitting process is worse, if you can imagine that.
Mabel Doge Luhan
05/06/2023 at 9:01 PM
How is that possible? Does one have to literally fellate Dwayne?
elkapitan
05/06/2023 at 2:34 PM
Over the next decade the Phil . economy is forecast rapid growth with total GDP progress ing from USD $400bill in 2021 to USD USD $830 in 3021.
After 2020 covid recessions last year the Phil. economy grew by 5.7% with 8.3% first quarter 2022.
Ufortunately nothing good can be said about the NMI economy even into the immediate foreseeable future.
Also according to online media, Pred. Marcos has brought in many investments to the Phil. since he has been in office.
Also tourism has dramatically bounced back from Covid levels.
Lets see just what Palacios has accomplished on these travels. The CNMI in it present form is not conducive to (legitimate) business investments. Until all of these recycled failures are gone from the Elected and all other Govt. agencies little will improve.
As has been the norm for decades, for the most part, this “new” Admin has only reshuffled the deck , with only a very few exceptions.
elkapitan
05/07/2023 at 11:56 AM
Posted today, Marcos gets $!.3 Bill in US investments from his US Visit by American companies. Some is from expansion existing US companies presently doing business in the Phil. others from companies to start up that will result in more than 6K new jobs.
Still waiting to see what Arnold (and others) will bring home.
Russ Mason
05/10/2023 at 8:07 AM
It would be a pleasure to see the CNMI legislature raise much needed funds with reliable solutions from the mainland.
I refer to bake sales, car washes and lemonade stands.
I would buy lemonade from Tina Sablan, and would be thrilled if Ed Probst washed my car. I also understand that Celina Babauta makes a heavenly sponge cake.