Palacios, Villagomez in DC for nat’l investment summit

Gov. Arnold I. Palacios, left, and House of Representatives Speaker Edmund S. Villagomez (Ind-Saipan), right, pose for a photo with U.S. Ambassador to Vietnam Marc E. Knapper during one of the opening events for the 2023 SelectUSA Investment Summit in Washington, D.C. The conference kicked off May 1 and will end on May 4. (CONTRIBUTED PHOTO)

Gov. Arnold I. Palacios and House of Representatives Speaker Edmund S. Villagomez (Ind-Saipan) are in Washington, D.C. to attend the four-day 2023 SelectUSA Investment Summit as part of the CNMI’s efforts to attract new investments.

Acting governor David M. Apatang told Saipan Tribune Tuesday that Palacios left the CNMI Saturday to attend the conference and will be back this Saturday.

Apatang said all governors from other U.S. territories are participating in the SelectUSA Investment Summit, which is organized by the U.S. Department of Commerce.

Palacios said in a statement yesterday that the CNMI’s participation will raise the Commonwealth’s exposure to hundreds of foreign direct investors that have been previously screened by USDOC.

“There are numerous potential industries that we can develop in the CNMI to diversify our economy, and participation in the SelectUSA Summit will be a timely, cost-effective, and appropriate way to meet with hundreds of pre-selected investors in a single place,” said Palacios.

Villagomez confirmed with Saipan Tribune Tuesday night that he is joining the summit, which kicked off May 1 and will end May 4.

Last Friday, Villagomez informed House members that he will be out of the CNMI from April 29 to May 7 on official business trip. Vice speaker Rep. Joel C. Camacho (Ind-Saipan) is the acting speaker.

In response to Saipan Tribune’s inquiry, Senate president Edith E. DeLeon Guerrero (D-Saipan) said yesterday that she was asked to join the summit, but did not have the funds to travel. DeLeon Guerrero said she is not aware of any other senator attending the summit.

According to the Office of the Governor yesterday, the SelectUSA Investment Summit is the highest-profile event dedicated to promoting foreign direct investment in the U.S. and U.S. territories, including the CNMI.

This year’s summit is expected to feature thousands of attendees representing over 80 markets, as well as over 1,900 foreign investors that have been vetted by the USDOC.

For the first time, the summit will also include an in-person session that will specifically focus on investment opportunities in the U.S. territories.

At yesterday’s session, Palacios would be joining other insular area governors in engaging companies and organizations about the benefits and advantages of investing in the CNMI and other territories.

Aside from Palacios, those who confirmed to speak during the session yesterday were American Samoa Gov. Lemanu Palepoi Sialega Mauga, Guam Gov. Lourdes A. Leon Guerrero, Puerto Rico Gov. Pedro Pierluisi, and U.S. Virgin Islands Lt. Gov. Tregenza A. Roach.

Representatives of the U.S. government who are participating in the summit include State Secretary Antony Blinken, Energy Secretary Jennifer Granholm, White House senior adviser and Infrastructure Implementation coordinator Mitch Landrieu, and president and chair of the Export-Import Bank of the United States Reta Jo Lewis.

Palacios will also be speaking at the roundtable event with the U.S. Secretary of Commerce Gina Raimondo to discuss investment opportunities in the CNMI.

SelectUSA also promotes and facilitates business investment into the U.S. by coordinating related federal government agencies to serve as a single point of contact for investors.

SelectUSA assists U.S. economic development organizations to compete globally for investment by providing information, a platform for international marketing, and high-level advocacy.

According to the USDOC, since the beginning of the Biden administration, companies have committed over $435 billion in private sector investments across the U.S.—one third of which is attributed to foreign investment—and created good-paying jobs in industries that will boost U.S. competitiveness, rebuild infrastructure, strengthen supply chains, and help build a clean energy economy.

The Office of the Governor also disclosed that Palacios has been invited by the Japan Embassy and India Embassy who will introduce him and the CNMI to investors from those countries. Palacios has been asked to speak to more than 200 participants of the Indian Embassy-hosted event.

Palacios also participated in an event hosted by Japan External Trade Organization, which is a government-related organization that works to promote mutual trade and investment between Japan and other countries.