Chinese investors pledge to follow CNMI, US laws

Over 70 of the more than 100 foreign investors mostly from China who attended a three-day business fellowship on Saipan made a pledge to follow CNMI and U.S. laws and rules if and when they invest on the islands.

They are all members of the Full Gospel Businessmen’s Fellowship International, which held a convention on Saipan from Friday to Sunday.

The document they signed seeks to memorialize their commitment to follow laws, policies and rules; follow biblical principles; respect local culture and the environment; and advocate righteousness, justice, peace, unity, and harmony.

“We make this our aspiration, and to all the Chinese who invest overseas, together, aiming for a city upon a hill, a nation of integrity, and a blessing to the world,” the document partly reads.

Other investors who attended the conference were from Hawaii, California, Pennsylvania, Colorado, and Indonesia.

Roy Ying, USA national director of the Full Gospel Businessmen’s Fellowship International, and Richard Pierce, executive director of the Saipan Chamber of Commerce, separately said they expect these foreign businesses to return to the CNMI to invest here.

“They will return, and return with investment,” Pierce added.

Lt. Gov. Eloy S. Inos, in his closing remarks on Sunday night at Pacific Islands Club, told the visiting foreign investors about the CNMI’s investment incentives to help businesses who wish to invest here.

“Although our key industry is tourism, the CNMI has multiple reasons to attract other forms of investments as well,” he said.

Inos talked about tax rebates and abatements under the qualifying certificate program. He pointed out that, at 18 percent, the CNMI’s corporate income tax rate is the lowest among all U.S. states and territories.

Inos said reliable ocean shipping services are available in the CNMI and ships are exempt from the federal “Jones Act,” which allows foreign flag vessels to enter CNMI ports, free of U.S. Customs duties.

Pierce said some of the conference speakers offered valuable insight into China as an emerging market and consumer group.

“Dr. Peter Wagner and Dr. Xiao Zhao presented, and confirmed, what people have been saying about ongoing economic, social and political change in China. This is significant for Saipan, as the closest American soil to China with an already established presence from China,” he said.

Pierce also said “businesses that incorporate a spiritual component into their business practices, just like ethics training, or codes of conducts in the work place, are more likely to be valued members of any community.”