THE Senate on Tuesday unanimously passed House Bill 22-21, which will transform the Commonwealth Development Authority into the Commonwealth Economic Development Authority.
Authored by Rep. Angel Demapan, H.B. 22-21 now heads to the governor.
The bill will establish CEDA as the “primary agency tasked with the economic development of the Commonwealth, and to be empowered to undertake this mandate with the flexibility to become proactive in the pursuit of industries and investments that will strengthen the CNMI economy.”
In an interview, Demapan said he would like to thank Senate President Jude Hofschneider and the other senators for passing the CEDA bill.
“I also want to again thank the Governor’s Council of Economic Advisers, the Commonwealth Development Authority, the Department of Commerce, and the Saipan Chamber of Commerce for supporting H.B. 22-21 throughout this process,” he said.
“As we work hard to overcome the challenges of the pandemic, I am focused on working with my colleagues to reinvigorate the economy, seek new revenue, and create more jobs for our people. The CEDA bill is a huge step forward for everyone who lives, works, and visits the Marianas,” he added.
Demapan recognizes that CDA, since its establishment in 1984, “has succeeded in its statutory mandate over the last 36 years, but there is still a need to transform the agency into one that adapts to global and regional economic landscape changes and is able to face “the challenges of the 21st century.”
The new agency, once established, will “allocate and expend funds for promoting the CNMI as a location for private investment, the expansion and retention of existing businesses, the promotion and marketing of products of the CNMI, and the undertaking of promotional activities for CNMI investments in line with the economic development plan for the CNMI.”
H.B. 22-21 states that any use of CEDA funds for the promotional activities for CNMI investments, the expansion, and retention of an existing business, the promotion, and marketing of products of the CNMI will be reported in the annual CEDA Citizen-Centric report.
The report will include the 1) budgeted amount and annual expenditure; 2) purpose and action taken, and 3) result(s) of promoting the CNMI and any other relevant information pertaining to those activities.
The measure also requires CEDA to act in consultation with the Department of Commerce in the performance of CEDA’s duties.
Angel Demapan
