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Ogo bill adds agri-, aquaculture to qualifying investments
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Posted on Apr 20 2023
While doing research on legislative drafts that may have addressed the same issues that Rep. Julie A. Ogo (Ind-Saipan) is interested in crafting, she came across House Bill 22-70 titled “Investment Incentive Act Reform,” that was introduced by former representative Angel Demapan but was not passed.
After reviewing the draft and more research materials, Ogo decided to reintroduce the legislative draft with some changes to meet the present needs of the CNMI, making sure that agriculture and aquaculture are on the investment list of industries qualifying for qualifying tax certificates.
“We need to allow farmers and fishermen to tap into our resources and thrive in industries closely tied to our indigenous culture and be able to promote and export our local products,” she stated.
“Just as Hawaii is well known for its amazing pineapples, the CNMI needs to start exploring the idea of promoting the CNMI through what it produces that represents our way of life and unique identity.”
Part of H.B.22-70 was the pre-approved sites and permits for certain industries made to be investment-ready. While the legislative draft prioritizes the use of public lands, it does not preclude the use of private properties, and Ogo hopes to see the use of private lands that are currently idle for local people to toss into the investment scheme and own part of the industry by converting their land value into corporate shares.
“I also hope that [the Commonwealth Economic Development Authority] will consider negotiating with golf course developers to include in their proposal golf tourism by promoting the CNMI through golf tournaments and sponsoring golf related events,” Ogo added. (PR)
