CNMI needs an economic council By MAR-VIC CAGURANGAN Staff Reporter

The CNMI needs to establish an Economic Development Council that will guide and coordinate economic plans in the commonwealth, according to the Business Development Center of the Northern Marianas College.

The business center’s recommendation was contained in the economic study report presented by NMC to government officials last week.

The study, funded by the Department of Interior through a $200,000 grant, arose from the critical need to asses the current and prospective economic condition of the commonwealth.

Rik Villegas, manager of NMC’s Small Business Development Center, said the study was put together by several consultants hired by the business center for this purpose.

The 282-page report assessed the value and condition of existing industries in the CNMI, and recommended possible alternative industries that can be developed in the CNMI.

The study, however, apparently did not find any new discoveries at all. There were no findings and conclusions in the study that have not been brought up in the past.

“Most of these are things that most people are already aware of. They were just put in a study.” Villegas said.

What the study can offer, Villegas said, are recommendations on how the CNMI’s weak points can be addressed and its strengths be enhanced.

“The study tells us what needs to be done,” Villegas said.

The proposed Economic Development Council, Villegas said, would be tasked to help in the implementation of policies recommended in the study.

Unlike the existing CNMI Economic Revitalization Task Force, Villegas said the proposed economic council is envisioned to be a long-term body that would design, implement, monitor and evaluate economic development programs and policies for the CNMI.

The proposed council would be created and funded through legislation. It would be composed of representatives from several government agencies, the Legislature, major industries, small business.

“It is recommended that the CNMI and the federal government prepare for the worst case economic scenario. The risk of catastrophic economic decline in the CNMI is too high to treat less than seriously,” the study said.

The worst case scenario, it added, requires implementing a spectrum of “possible mitigating actions” particularly those which the proposed council is tasked to take.