Corina Magofna
SENATOR Corina L. Magofna will introduce today, Friday, Feb. 14, three pieces of legislation that would “attract global investments.”
Senate Bill 24-16 aims to “promote trade and investment, economic development and diversification in the CNMI; encourage foreign and domestic investments through incentives and streamlined processes, as well as…promote the CNMI as a trade and investment hub.”
S.B. 24-17 would rename the “Free Trade Zone Authority” to the “Economic Incentive Zone Authority” to better align with the CNMI’s global business branding. The zone authority would focus on economic incentives rather than following the traditional free trade zone model.
S.B. 24-15 would “optionally, assign filing numbers to documents filed with the Registrar of Corporations…to facilitate easier corporate verification by financial institutions, address hurdles that CNMI businesses face when securing banking and financial services, and…allow financial institutions to search for corporate status online by filing number, which will remove a major impediment local businesses have when acquiring banking and other financial services from major U.S. and international institutions.”
In a statement to Variety on Wednesday, Magofna, who chairs the Senate Committee on Resources, Economic Development and Workforce, described her bills as “a bold move to revitalize the economy and secure long-term prosperity for the CNMI.” She said the measures aim to expand and improve the capability of the Commonwealth to generate revenues through the attraction and retention of foreign investors.
Magofna and Rep. Thomas John Manglona, chair of the House Committee on Commerce, met with Commerce Secretary Remedio C. Mafnas early in January to discuss “initiatives aimed at promoting economic development and improving business processes in the CNMI.”
“In light of the current economic challenges we are facing, I have made it my mission to act swiftly to utilize all economic tools at our disposal to expand our economy,” Magofna said.
Attracting foreign investors to the CNMI, she added, “has always been absolutely crucial to our economic well-being.”
She said her bills are focused not only on increasing the CNMI’s ability to attract investors but also on ensuring that once investors begin doing business in the CNMI, their experiences are as seamless and profitable as possible.
“If we want to unlock economic prosperity for our people, it starts with providing an environment where businesses can thrive,” she said.
Magofna said S.B. 24-16 would enhance trade and investment by creating incentives and streamlining processes, and by reinstating the Office of Foreign Investment Assistance within the Department of Commerce. The goal is to “position the CNMI as a regional trade and investment hub.”
“There is currently no office within the Commonwealth government exclusively devoted to attracting and retaining foreign corporate investments,” Magofna said.
She noted that two decades ago, the Office of Foreign Investment Assistance was established within the Department of Commerce. However, the specific programs it was supposed to manage no longer exist or are non-operational.
S.B. 24-16, she said, would “reinvigorate…the office with an updated name, mandate, and authority specifically oriented toward the needs of today’s Commonwealth.”
That means “we need to effectively market and brand our offering as well as provide a base level of capacity to allow integration into the global economy. Renaming the Free Trade Zone to the Economic Incentive Zone better aligns what we have to offer with the businesses we seek to attract.”
These pieces of legislation, Magofna said, are part of her initiatives to help revive the economy and diversify the industry — an effort she “wholeheartedly believes” the CNMI is very capable of achieving.
Additionally, she said, this legislative push “signals a proactive approach to addressing CNMI’s economic challenges by fostering investment and streamlining business operations.”
“These initiatives reflect my commitment to making the CNMI more attractive to global investors by improving administrative efficiency, marketing CNMI’s business-friendly environment, and eliminating barriers to financial integration. If successfully implemented, I am confident that these policies will increase foreign investments, create jobs, and promote economic growth in the CNMI,” Magofna said.
