By Bernadette H. Carreon
Horizon news staff

Palau should be careful in engaging in heavy industry and that certain sectors and industries should be avoided.
He said Palau should be selective in choosing potential projects and assess these partners. He said that Palau should be careful in undertaking heavy industry because it can affect the tourism.
He said heavy industry would also be needing a big workforce which Palau is lacking.
Palau he said does not have a domestic workforce and would have to import labor from abroad.
He said it is "foolish" for the country to support the development of garment factories.
The country should also be careful in getting involved in gambling ventures.
He said oil and gas exploration ventures should also be considered very carefully because of its potential impacts to the tourism industry and to the environment.
"And before we consider any partner, any project or any sector, we must ensure that the benefit of this partnership or project is primarily directed at the Palauan economy and our Palauan citizen," Remengesau said.
He said Palau is not being built for the benefits of its foreign partners.
He said that there is also a need to focus on balance between economic development and the environment.
He stressed that there should also be a balance between foreign investment and ownership, formal economy and informal economy, economic requirements and the cultural and social needs of our people.
This balance he said could be defined at the symposium.
Crossroad
Palau is at a "crossroad."
This is how President Remengesau assessed the economy of the country during his remarks at the opening of the National Economic Symposium yesterday.
He said Palau’s economy is "back on track," and that Palauans must plan and control their own economic industry.
He said Palau has both its strength and weaknesses although it is rich in terrestrial and marine ecosystems, Palau has a small domestic market and its remoteness from major markets and heavy dependence on trade and foreign assistance are its weaknesses.
In his remarks, the president said that tourism must drive the country’s economy.
He said that this is possible if Palau also protects its environment.
"For this to occur, we must not only build our tourism and economic infrastructure, we must also develop the institutions that place our environment on an equal footing to our economy and which incorporate environmental considerations into our development process. If our children are to enjoy the fruits of our efforts, we must protect the ‘goose that laid the golden egg.
Compact Review Commission Chairman Kuniwo Nakamura opened the symposium welcoming the international experts who would be sharing information and knowledge about various fields.
Nakamura said in the review of the Compact , Palau should learn its lesson from the past, recognize limitations and welcome technical and funding assistance from foreign partners.