This was the third seminar for Japanese companies and private investors to learn more about FSM as a site for investment.
There were several speakers who gave presentations at the seminar, including opening remarks from FSM President Manny Mori, and an overview of the FSM from Secretary of Resources and Development. Peter Christian.
John Fritz, FSM ambassador to Japan, gave introductory remarks that included information about the Pohnpei runway expansion and the future ability of FSM to have direct flights between Tokyo and Pohnpei.
He also explained the “Rainbownesia Project,” which is a campaign to increase support and friendship of Japanese people with Micronesians and grow awareness of the upcoming inaugural flight, which is scheduled for Feb. 2011.
Fritz also introduced the FSM delegation that was in attendance which included Mori, first lady Emma Mori, Christian, Foreign Affairs Secretary Lorin Robert and Marion Henry, assistant secretary of resources and development.
President Mori gave opening remarks to welcome people to the seminar and briefly introduced the business environment of the FSM.
His remarks focused on the strengthening of the relationship between the FSM and Japan and how the FSM is preparing to become a strategic hub for Japanese captive insurance companies.
He mentioned the simple and efficient tax system in the FSM that has favorable tax rates and will be attractive to Japanese companies.
This process of captive insurance, which is a self-insurance plan where companies insure themselves, is something that is currently done in places like Vermont and Singapore.
Due to recent regulation changes and alignment with Japanese tax rules, the FSM has positioned itself to attract Japanese captive insurance businesses to the FSM and, as a result, generate revenue through corporate taxes paid by new captive insurance companies that base their offices in the FSM.
In addition to presentations from the FSM delegation, there were other presenters including Masanobu Takayama, who talked about the tax system of the FSM and gave utilization ideas and Wakaba Taitano, who talked about the strength and merits of the FSM and on how to establish an FSM corporation.
