House Floor Leader Joseph N. Camacho, R-Saipan, the prin5cipal sponsor of House Joint Resolution 16-17, said the CNMI needs an assurance that foreign investors will remain here despite the implementation of the federalization law on June 1, 2009.
The islands’ tourism-based economy is dominated by Japanese, Korean and Chinese investors.
Foreign investors are the financiers of many hotels, restaurants, shops and other business establishments on the islands.
“The commonwealth’s economy is in the midst of an extended and severe depression, and tourism, although in a decline, is the remaining pillar of the commonwealth’s economy. Approximately, 23 percent of companies controlled by foreign investors currently in the commonwealth operate tourism-related businesses,” according to H.J.R. 16-17 which now heads to the Senate.
In 2007, these foreign-owned companies contributed as much as $19.5 million in taxes to the CNMI government and employed 1,700 U.S. citizens which make up 13 percent of the American labor pool here, the resolution stated.
DHS, the lead federal agency that will administer the islands’ immigration starting next year, is now working on regulations that will be implemented under the CNMI federalization law.
Local lawmakers want the department to consider the current CNMI foreign investors status in drafting the regulations.
They are asking the department to designate a “CNMI-only nonimmigrant status” for these investors under the federal Immigration and Nationality Act.
Lawmakers said many of the current foreign investors in the commonwealth will not qualify under immigrant or nonimmigrant investor categories generally available under U.S. immigration law, thus, their inclusion on a special classification should be considered.
“Foreign investors in the commonwealth have not represented threat to the welfare, safety or security of the United States or its territories,” the lawmakers said.
A copy of the resolution will be transmitted to Homeland Security Secretary Michael Chertoff.
