They agreed to:
• Standardize the definitions of concepts in their foreign investment acts and regulations;
• Review economic sectors prohibited in the FSM, those reserved for local entrepreneurs and those open to foreign investors;
• Continue and complete the land registration process commenced under the Asian Development Bank’s private sector development project;
• Review the applicable fees in view of developing a multi-tier fee structure depending on the size of the investment; and,
• Review penalties and fines in view of developing a multi-tier penalty structure that will take into account the size of the investment.
Pohnpei said it wants to adopt the other jurisdiction’s competent authority structure that reviews foreign investment permit applications.
The state was also encouraged to adopt and incorporate provisions on confidentiality and transparency in its legislation and regulations similar to those of the other entities.
Chuuk was required to review its legislation in view of removing the restriction on repatriation of capital and profits, to make its investment rules similar to those of other entities.
There will be a follow-up meeting in July to assess the implementation of these recommendations.
This symposium was opened by FSM President Manny Mori.
Representatives from the FSM national and states governments, members of state legislatures, and representatives from the private sector attended the symposium.
Guest speakers included Chinese Ambassador Liu Fei, Janet Whitaker, second secretary at the Australian Embassy, Carl-Heinz “Jason” Wemhoener-Cuite, economic/consular officer of the U.S. Embassy, Okean Ehmes from the U.N. Joint Presence Mission, and Don Jacobson of the Pacific Islands Forum Secretariat.
