GOVERNOR Ralph DLG Torres on Friday said he is inclined to sign into law a bill that will transform the Commonwealth Development Authority into the Commonwealth Economic Development Authority.
But he added that he will also consider the recommendation of Attorney General Edward Manibusan before acting on the measure.
House Bill 22-21, authored by Rep. Angel Demapan, was unanimously passed by the Senate last week.
It intends to establish the CEDA as the “primary agency tasked with the economic development of the Commonwealth, and to be empowered to undertake this mandate with the flexibility to become proactive in the pursuit of industries and investments that will strengthen the CNMI economy.”
The new agency, once established, will allocate and expend funds for promoting the CNMI as a location for private investment, the expansion and retention of existing businesses, the promotion and marketing of local products, and the undertaking of promotional activities for investments in line with the economic development plan for the Commonwealth.
H.B. 22-21 states that any use of CEDA funds for the promotional activities for CNMI investments, the expansion, and retention of an existing business, the promotion, and marketing of products of the CNMI will be reported in the annual CEDA Citizen-centric Report.
The report will include the budgeted amount and annual expenditure; purpose and action taken; the results of promoting the CNMI; and any other relevant information pertaining to those activities.
The measure also requires CEDA to act in consultation with the Department of Commerce in the performance of CEDA’s duties.
Governor Torres recognized Rep. Angel Demapan for introducing the bill.
“I hope CEDA will entice good U.S. companies to come in and invest here in the CNMI,” Torres said.
He likewise thanked Mike Sablan, chairman of the Domestic Policy and Recovery Committee of the Governor’s Council of Economic of Advisors, and his team for “doing a phenomenal job in promoting the Marianas and enticing private partners across the globe.”
“They look for ways to make it more convenient for U.S. businesses to invest here,” Torres said.
The legislation is also supported by the Commonwealth Development Authority, the Department of Commerce, and the Saipan Chamber of Commerce.
Ralph DLG Torres
