As of Aug. 21 this year, there were already 99 applicants compared to 37 in Aug. 2008.
“The number increased significantly especially when [we] set a submission deadline,” Commerce said.
The applications were for long-and short-term business certificates.
Commerce said 61 applications were approved as of Thursday.
The increase may be attributed to the impending federal takeover of immigration which will affect foreign investments, the department said.
Foreign investors want to secure CNMI permits prior to Nov. 28 when the federalization law applies to the commonwealth, imposing stricter labor, immigration and investment rules.
To date, there are 514 long-term business permit holders and 92 foreign investment certificate holders on island.
Uncertain
Commerce said it is “uncertain” how federalization is going to affect the operations of the CNMI’s foreign investors.
Commerce is still waiting for the publication of the U.S. Department of Homeland Security’s proposed regulations on foreign investments.
But Commerce believes that the increase in the number of new foreign investor applicants is a good economic indicator.
Foreign investors still demonstrate an interest in the CNMI despite its current economic conditions and the impending federal takeover, Commerce added.
