Remedio Mafnas
DEPARTMENT of Commerce Secretary Remedio C. Mafnas and the Trade Council of the Marianas on Tuesday expressed support for Senate Bill 24-16, which aims to promote trade, investment, economic development and diversification in the CNMI.
Authored by Sen. Corina Magofna, S.B. 24-16 or the CNMI Foreign Corporation Promotion Act, seeks to encourage foreign and domestic investments through incentives and a streamlined process.
In their testimonies during a House session on Tuesday, Mafnas, Trade Council President Vin Armani and Vice President Joshua Cook urged lawmakers to pass the bill without delay.
Mafnas said her department’s mission is to build a resilient economy through innovation, partnership and measurable results. She said S.B. 24-16 “aligns with my department’s mission by revitalizing the CNMI as strategic hub for foreign and domestic investments.”
She said Commerce is dedicated to supporting investors and local businesses by significantly streamlining the business registration, licensing and permitting process.
The bill proposes to create an Office of Corporate Liaison, which she said would provide investors a single point of contact, “enhancing efficiency, transparency and confidence in doing business in the CNMI.”
Armani also expressed support for S.B. 24-15, which would create an internet portal for public search of corporate existence by filing number; and S.B. 24-17, which would rename the Commonwealth Free Trade Zone Authority as the Commonwealth Economic Incentive District Authority.
Both bills were also introduced by Senator Magofna and were unanimously passed by the Senate.
Armani said that for years now, he has been coming to the Legislature to advocate for economic diversification. He thanked the lawmakers who have supported the Trade Council’s efforts.
Armani also informed House members that Magofna has been meeting with investors who want to come to the CNMI and avail themselves of its tax incentives.
“We are on our way to a sustainable set of new industries and the people need your help today in getting across the finish line,” he said.
He said the Senate bills “offer the most bang for the buck.”
“They are small changes with big impacts and they don’t give any new authority, only updates and upgrades to existing laws,” he added.
He said renaming the Free Trade Zone, for example, is a crucial rebrand that will eliminate confusion and “put a fresh coat of paint on a status that has sat dormant for two decades now.”
Likewise, he said adding a filing number to corporate filings and reestablishing the Office of Foreign Investment as the Office of Corporate Liaison are “strong signals to businesses looking to relocate to the CNMI that the government is actually serious about attracting and retaining them as taxpayers”
“So please, move these bills without delay,” he added. “It’s imperative that we use every tool at our disposal and use this moment of crisis as motivation to move boldly towards prosperity not only in the short-term but for the generations to come.”
Cook, for his part, said the bills “will empower me and others to sacrifice with you, to contribute to the vision of the economic prosperity of the people. The bills may seem simple or inconsequential, but I assure you, they are not. They represent an important shift that is occurring — an evolution of sorts — to make the CNMI the most business-friendly environment through a Covenant with the most powerful nation in the world.”
The bills would increase the number of companies domiciling in the CNMI, and these companies would provide high-skill jobs, pay taxes, and operate in an environmentally friendly manner, Cook said.
“With these laws, I and others will be able to bring desirable businesses to the Commonwealth. I hope to serve with you and contribute to the vision of a strong and self-sufficient CNMI,” he added.
