Close to 100 foreign businesses look at Saipan’s investment potentials

Close to 100 foreign investors mostly from China wrapped up on Sunday their three-day religious-based business fellowship that paved the way for them to look at Saipan’s investment potentials including in the areas of hotels, condominiums, and power generation.

Other investors came from Hawaii, California, and Indonesia.

Roy Ying, USA national director of the Full Gospel Businessmen’s Fellowship International, said they chose Saipan as venue for the conference because of its proximity to China, its American system, its natural beauty, and it being not as developed as Hawaii.

Ying said after investors saw Saipan and its potentials, the next step would be to see how these businesses can actually invest here. He said the group will bring more potential investors to Saipan in the coming months.

“Today is just the beginning… In the future we will bring more businesses to Saipan We will try to work together to make Saipan more famous in the world,” he said in an interview.

CNMI Commerce Secretary Sixto Igisomar, during the opening ceremonies at Aqua Resort Club on Friday night, told the visiting businesses that it is not surprising that the islands here are “America’s best kept secret” and hoped that the CNMI will be of great interest to these investors.

“We may not have much in comparison to other well-developed nations but I can assure you that you will find peace, comfort and happiness within our islands and our people; whether you are here for a business venture, pleasure or just to look for a place to meditate,” Igisomar said.

The crowd included Richard Shakarian, international president of the Full Gospel Businessmen’s Fellowship International, touted the largest Christian business organization in the world.

Richard Pierce, executive director of the Saipan Chamber of Commerce which helped organize the conference on Saipan, talked about the evolution of the CNMI economy and how the conference, the presence of foreign investors and interest alone “are evidence of the revival of an economy.”

“It is time to start again. We cannot begin to rebuild our economy without foreign investment. Your group, from all over China, and from other countries including the United States, represents what we know is necessary to rebuilding this economy,” Pierce said during the welcoming ceremonies.

Just like other speakers, Pierce recognized businessman Calvin Kang for investing in the Ladera School and hopes that others will follow suit.

“The Saipan Chamber of Commerce is ready to assist you when you are ready, and I can give you many reasons to invest and start companies in Saipan. Saipan is a part of the United States and investors are protected by all U.S. federal laws. Saipan has attractive tax advantages. Goods manufactured in the CNMI still enjoy duty-free entry into the United States as long as 30 percent of their value is added here. Saipan has labor costs less than the U.S., Hawaii, and Guam,” Pierce said.

He also made pitch about the Regional Economic Center in the CNMI for EB-5 immigrant investors.