President Remengesau in his weekly press conference said that passage of these bills can address concerns raised in the Government Accountability Office (GAO) report.The report said Palau’s foreign investment policies discourage private sector growth and create a costly business environment. Aside from the strict requirements for foreign investment, the country’s financial systems, land ownership system, labor market and commercial conditions.
’These recommendations are what we have been addressing in the revenue generating measures,” Remengesau said.The president said that the revenue generating measures and proposed bills that will change the foreign investment climate have been waiting action before the legislature.The president however thanked the U.S. for the timely release of the report.“Compact funds alone cannot sustain our effort,” the president said.He agrees with the GAO report that internal controls of Palau are week but are working on these areas.
