Fitial drums up investment interests in China

BEIJING, China—Gov. Benigno R. Fitial and a delegation of five other state and territorial governors participated in the second U.S.-China Governors Forum held here on Wednesday.

Fitial joined Washington state Gov. Chris Gregoire, immediate past chair of the National Governors Association; Georgia Gov. Nathan Deal, Guam Gov. Eddie Calvo, Hawaii Gov. Neil Abercrombie, and North Carolina Gov. Bev Perdue as the official delegates of the U.S. National Governors Association.

The nation’s governors engaged in a lively discussion on the role of international trade and investment in their state’s economic development strategy to foster economic growth and job creation during yesterday’s special plenary session.

The dialogue format started off with one-on-one meetings between American and Chinese governors before they all proceeded to the main forum hall where some 400 U.S. and China-based government and business executives were in attendance to listen to the governors’ presentations and discussions on investment, trade and job creation opportunities that may be of mutual benefits to their respective governments.

In his one-on-one dialogues, Fitial pitched the CNMI as a prime destination for Chinese tourism, real estate development, agricultural, education, and technology investments to Anhui Gov. Wang Sanyun and Yunnan’s acting governor Li Jiheng, who were accompanied by their key government officials and business representatives.

Wang, who previously met Fitial at the NGA meeting in Utah, stated that because of his genuine friendship with Fitial, he is committed to initiating a CNMI-Anhui partnership that will be tasked to establish a bilateral economic development plan to help revive the CNMI’s ailing economy.

For his part, Yunnan’s Li informed Fitial that he has been researching opportunities in the Northern Marianas and expressed that he plans to form a delegation that will visit the islands for an exploratory mission.

In a speech before the general assembly of the Governors Dialogue, Fitial touted the attractive tax advantages only found in the CNMI.

“Since we control our own tax policy, our tax rebates and/or abatements are offered to approved investments under the Qualifying Certificate Program administered by the Commonwealth Development Authority,” said Fitial. “At 18 percent, the CNMI’s corporate income tax rate is the lowest among all U.S. states and territories. Individual and corporate taxes are also rebated using a sliding scale.”

Fitial also pitched the availability of reliable ocean shipping services and the added incentive of ships being exempt from the Federal “Jones Act,” which allows foreign flag vessels to enter CNMI ports that are free of U.S. Customs duties.

To the delight of the participants, the governor also boasted about the CNMI being the only jurisdiction among the Pacific islands with an approved casino industry and said that, “These advantages give rise to the infusion of foreign investments, which in turn, creates more jobs for people, and, above all, spurs much needed economic recovery.”

Fitial further added the sub-national leaders can achieve more by actively reaching across international borders and engaging in top-level discussion like the U.S.-China Governors Dialogue. [I](Office of the Governor)[/I]