Commerce Secretary Michael Ada said the current economic condition should not necessarily result in an unsuccessful business.
“Our local businesses continue to operate and new businesses are opening,” he said.
Chinese developers and investors, in particular, consider the island to be a good place for business, Ada said.
Some businessmen are taking advantage of the economic downturn since it is cheaper to invest at these times, he added.
“The best time to get into business is in this economic situation.”
The proximity of the island to Asian markets and its U.S affiliation are attractive to investors, he said.
The possibility that a business will succeed on island will depend on factors such as the company’s operations and the industry it is in, he added.
In his e-mail, Press Secretary Charles P. Reyes Jr. stated that federalization will be the greatest challenge to the success of local businesses .
But he said the government will do everything it possibly can within the laws and regulations to protect current investors when federalization takes place.
“We also believe that some of the bigger investors may be able to qualify for investor visas under federal standards,” Reyes said.
