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‘Local businesses also need attention’
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Posted on Jan 04 2006
A local business group is calling on the incoming Fitial-Villagomez administration to craft measures designed to help existing businesses in the CNMI, even as the new leadership promises to revive the economy by bringing in foreign investors.
“I like their optimism but as they’re trying to bring in outside investors, I would like them to [also] look at the businesses that are here,” said Saipan Chamber of Commerce incoming president Charles V. Cepeda.
Besides, he said that a lot of businesses abroad have already business partners in the CNMI.
This was echoed by Alex Sablan, SCC outgoing president, who said the new administration should also look after local investors.
“Protect the existing businesses. The local businesses also need all the assistance that the government can give,” said Sablan.
He said this might come in the form of a new tax incentive specifically designed for them.
“We’re asking incentives for existing businesses,” Sablan said, noting that the qualifying certificate program is mainly for particular investments that are not yet fully developed in the CNMI.
What the local businesses need, he said, “is not tax amnesty but incentives to keep them afloat.”
Besides, he said that any new investments would not take place overnight.
