Chamber prexy urges companies to use Web’s power to promote CNMI

Companies in the CNMI should recognize the power of the Internet in campaigns to promote the island as a destination for foreign businesses.

Saipan Chamber of Commerce president and CTSI executive Alex Sablan said there is a need to make Saipan’s economy diverse and services-oriented.

Speaking in front of Chamber members last week, Sablan said the CNMI should also build a “financial industry.” He concedes, though, that the CNMI needs to “compete for foreign investments.”

Sablan said one way of doing this is to use the power of the Internet to showcase the potential of Saipan.

Companies in and around the islands can use the Web to hopefully “catch someone” or some companies that are potential investors. “We need to determine what investors want and what other incentives we can give to them,” Sablan said.

Sablan earlier said the people of the CNMI can take advantage of the next wave of economic activity brought by the recent influx of foreign investment by becoming entrepreneurs themselves.

The executive said the islands’ future appears bright, referring to the casino project of Best Sunshine International Ltd., additional hotels from E-Land, Alter City Group, Honest Profit International Ltd., and Sunshine 100/Tan Holdings.

He, however, wants the people of the CNMI to also take the initiative by setting up businesses of their own that can become mini-drivers of the local economy in concert with Best Sunshine, E-Lands, Alter City Groups, Honest Profits, and Tan Holdings.

He said the Chamber continues to support and encourage those that qualify to work with the Commonwealth Development Authority and the islands’ banks to pursue lending.

Another model the Chamber president wants replicated is how investment company Bridge Capital, LLC came to the CNMI.

Sablan said having three to four dozen financial institutions like Bridge Capital that delves in hedge funds, private equity, venture capital, growth capital, foundations and the like can improve the quality of life on the islands.

Sablan said the CNMI government will ultimately have to determine if offering incentives and aggressively marketing these incentives to lure financial institutions to the CNMI outweighs the overall benefit of building a financial industry, providing an opportunity for good jobs, a more educated workforce that brings people home after college, and a possible second leg to the local economy.