The frequent power outages show the dire state of the CNMI and is detrimental to attracting investors especially from Korea who are arriving and are investing in the commonwealth.
The biggest complaints are about the outages which send a negative image and is making them think twice to invest. With the Japanese pulling out and the Korean market our only hope, it is important that we provide an investor friendly climate.
Also lately the Russians are eyeing to invest by way of buying homes and building condominiums. We missed a golden opportunity in 1998 during the Asian currency crisis when we had a hostile law requiring a $150,0000 security deposit for any investor to open business in the CNMI. That scared away a lot of Hong Kong Chinese and Koreans looking to park their money and they went elsewhere.
I urge you honorable governor and lawmakers to come together and address the power issue immediately so we will not lose out again.
MUSTAFA SHAKIR
President
Shakir’s CNMI Inc.
