Manny Sablan, executive director of the Commonwealth Development Authority, said there are many challenges in doing business in the CNMI that should be addressed to encourage new investors to come.
Sablan said investors want assurance of access to foreign labor to sustain their operations.
“Our economy right now is very unstable. There’s instability in terms of labor market. Some people I spoke with have raised concern about what’s going to happen with the importation of foreign labor. The high cost of (power and water services). Those things cause strain on our economy,” said Sablan.
But despite these challenges, he remains optimistic there are better days ahead.
He said this is the time for the government to formulate new business-friendly policies to enhance the local tourism industry.
“There are also opportunities within these constraints. I take the view that there is a substantial amount of cash transaction everyday and those basically provide an opportunity for people who want to engage into business,” the CDA chief said.
Last month, the arrival rate jumped by 16 percent to 35,164 compared to the same period last year.
The positive growth was fueled by Japan market which saw an increase in air seats during the month.
Japan remains the main market of the local tourism industry even after Japan Air Lines abandoned the Saipan route in late 2005.
Sablan said the government should continue to stimulate the tourism industry.
