IN response to inquiries from the community, the Saipan Chamber of Commerce on Wednesday released a statement regarding its position on Senate Bill 24-16 SD1, which aims to promote trade investment, economic development, and diversification within the CNMI. While the SCC has expressed opposition to the bill’s current structure, it commends the authors for their proactive efforts in seeking new avenues to facilitate foreign investment into the CNMI.
In an April 11, 2025 letter to Sen. Corina Magofna, the SCC outlined its concerns regarding the bill’s approach. The Chamber’s primary stance is to strongly support and uphold the mandated role of the Commonwealth Economic Development Authority as the central agency for promoting investment and development.
“We acknowledge and applaud the intent behind Senate Bill No. 24-16 SD1 to enhance foreign and domestic investments and streamline processes to promote the CNMI as a trade and investment hub,” said Joe C. Guerrero, president of the Saipan Chamber of Commerce. “The Chamber recognizes the critical importance of fostering economic growth and diversification in our islands.”
However, the SCC’s position letter emphasizes the potential for confusion, inefficiencies, and unnecessary overlap if responsibilities are divided among multiple agencies, especially without adequate funding and resources for the Department of Commerce. The Chamber believes that circumvention of CEDA’s role may create more obstacles than solutions for economic development.
“The Senate’s dedication to exploring additional mechanisms for foreign investment is a testament to their commitment to the economic prosperity of the CNMI. Our position is rooted in our desire to ensure the most cohesive, efficient, and well-supported approach to economic development, with CEDA at its core,” said Guerrero.
The Saipan Chamber of Commerce remains committed to collaborating with the Legislature and other stakeholders on efforts aimed at strengthening the CNMI economy. The Chamber welcomes further discussion on this and other critical matters affecting CNMI businesses.
About the SCC
The Saipan Chamber of Commerce is a non-profit organization that serves its members as a resource enhancing the quality of business and life on Saipan. Its vision is to create an island where businesses, families, and communities succeed as one. For more information or to learn how to become a Chamber member, go to www.saipanchamber.com/, call 234-7150, or visit the 2nd floor of the Marianas Business Plaza (Suite 201-A).
