By Emmanuel T. Erediano
SENATE Floor Leader Corina Magofna on Thursday pre-filed Senate Bill 23-60, which would amend the Office of Foreign Investment Assistance Act of 2005.
The law created the Office of Foreign Investment under the Department of Commerce. Its primary responsibility is to assist a foreign investor with a long-term business certificate in obtaining all the permitting and licensing requirements of various government departments and agencies in an expeditious manner.
Magofna’s bill states that with the Covid-19 pandemic “changing the world order and economies, it is necessary to revamp the purpose and mandate of the Foreign Investment Assistance [Act.]”
S.B. 23-60 would rename the Office of Foreign Investment the Office of Foreign and Domestic Investment Assistance. Its goal is to “promote trade and investment in the CNMI by providing incentives, streamlining investment processes and enhancing the CNMI’s attractiveness as a destination for trade and investment.”
The office’s primary responsibility is to assist any foreign and domestic investor in obtaining all the requisite permitting and licensing requirements of the various government departments and agencies in an expedient manner, including a long-term business certificate or a foreign investment certificate.
S.B. 23-60 also proposes a “comprehensive package of financial and non-financial incentives to encourage foreign and domestic investments in the CNMI.” These incentives, the bill said, may include tax credits, exemptions or reductions, grants, and other forms of financial assistance.
These incentives are designed to promote investment in tourism, manufacturing, agriculture, renewable energy, technology, and other industries that can contribute to the economic development of the CNMI.
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Post from Marianas Variety