ON Tuesday morning, directors from the Trade Council of the Marianas gave statements acknowledging and thanking the late Gov. Arnold Palacios and current Gov. David Apatang for signing Public Law 24-05, Public Law 24-06, and Public Law 24-07.
Public Law 24-05, renaming the Commonwealth Free Trade Zone Authority to the Commonwealth Economic Incentive District Authority, was the last law enacted by Governor Palacios before his tragic passing last week.
Public Law 24-06, establishing the Office of Foreign Corporation Liaison inside the Department of Commerce, was the first law enacted by Governor Apatang.
Public Law 24-07 creates digital mandates for corporate filings to allow CNMI businesses improved access to major U.S. financial institutions.
“As we mourn the passing of Governor Palacios, let there be no doubt that, until his last moment in office, he remained a steadfast and loyal servant of the people of the Marianas, dedicated to securing a better economic future for his people,” said Vin Armani, president of the Trade Council of the Marianas. “It is poignant that the transition to the new administration is marked, in law, by the signing of bills focused on diversifying and strengthening the economy of the Northern Marianas.”
The bills, now laws, were originally introduced by Sen. Corina Magofna and had moved through the Legislature as companions. The bills passed the Senate on Feb. 28 and passed the House of Representatives on June 20. In both houses, the bills were passed with unanimous votes of the legislators.
The Northern Mariana Islands Free Trade Zone Act of 2000 requires that the Economic Incentive District Authority Board of Directors be “composed of nine members appointed by the Governor with the advice and consent of the Senate, at least five of whom shall represent the private sector. These five members, or vacancy amongst them, shall be chosen from a list of persons submitted to the Governor by the Chamber of Commerce.” The Trade Council of the Marianas, a chamber of commerce, in February, submitted a list of names for nomination to Governor Palacios. He sent nominees to the Senate, but later withdrew then after the Senate confirmation process was delayed, so as to be able to resubmit the names at a later time.
“We look forward to working with the new governor and Senate president, by any means at our disposal, to facilitate a speedy nomination and confirmation process,” said Joshua Cook, vice president of the Trade Council of the Marianas. “It is in our charter to support economic diversification efforts and the implementation of these new laws will go a long way toward that goal. With that in mind, we offer our commitment to use our resources, in any way we can, to support the new administration as it leads us out of our current economic crisis.”
The Economic Incentive District Authority’s mandate includes providing a streamlined process for businesses in the context of licensing and permitting, improving and expediting the experience of engaging with the various CNMI regulatory departments and agencies. Complimentarily, the Office of Foreign Corporation Liaison has a strict mandate to engage foreign corporations looking to relocate to CNMI and provide access and support for their relocation needs across all executive branch departments and public agencies.
