Atalig: Potential investors referred to CEDA

Finance Secretary David DLG Atalig has disclosed that he has referred to the Commonwealth Economic Development Authority a couple of people and organizations who are interested in exploring a new industry in the CNMI.

When asked about how CEDA is doing during a radio press briefing last Friday, Atalig said he has yet to reach out CEDA, but that he knows that the agency is busy working on their processes.

He, however, stated that he is aware of proposals from small businesses and some non-profit organizations that want to benefit from the Small Business loan or grant at the same time, which has encouraged them to explore a new industry or new opportunities that can bring in revenues to the Commonwealth.

Atalig said he asked them to communicate with CEDA and have them get the ball rolling in getting their ideas come to reality. “And that’s what we’re looking for. We’re looking for small businesses, non-profit organizations that want to help stir up new industries, and then help us bring in new revenue to Commonwealth,” he said.

Last June, the Commonwealth Development Authority was renamed CEDA and was tasked with the duty of promoting the CNMI as an investment destination in a bid to diversity the Commonwealth’s economy. Rep. Angel A. Demapan (R-Saipan) authored the bill that made this happen.

Atalig said it’s exciting because the American Rescue Plan Act funds that the CNMI has will be available to spur new industries. He noted that he and Gov. Ralph DLG Torres just got back recently from the Tinian Cattle Association meeting and that the association also had a groundbreaking for their U.S. Department of Agriculture-approved slaughterhouse.

“So we’re…putting some money into that industry. Hopefully within a couple of years and for the years going forward, we can…have a small cattle beef industry,” Atalig said.

He said they are hoping that Tinian can sell export-quality grass-fed organic cows not only in the Commonwealth but in Guam and even outside Guam.

“And so that’s exciting. And we look forward to that,” said Atalig, adding that they also look forward to assisting a lot of agricultural farmers in Rota to focus on that possibility of packaging their items for export.

For Saipan, there is the fisheries industry, he said, and a lot of other industry ideas that have come forward, knowing that funds are available to get this going.