NATIONAL AND STATE GOVERNMENTS LOOK AT INVESTMENT LAWS

News Release

FSM Information Services Palikir, Pohnpei

May 04, 2009

Following a three day symposium that ended Friday, April 30th in Palikir, Pohnpei, the FSM National and States Governments agreed to further review their existing foreign investment laws and regulations applicable in the FSM, in order to improve the business climate in the FSM in general, and make it more conducive to attract foreign investors, with the ultimate objective of enhancing FSM economic development.

Participants to the symposium agreed to:

More specifically, Pohnpei State expressed its wishes to adopt the same competent authority structure to review foreign investment permit applications as other jurisdictions. It 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 State was required to review its legislation in view of removing the restriction on repatriation of capital and profits, to make its legislations similar to those of other entities.

A follow-up meeting would be convened in July 2009 to assess the implementation of recommendations.

This symposium was opened by FSM President, H.E Manny Mori. Representatives from the FSM National and States Government, Members of state legislatures, and representatives from the private sector attended the symposium, which featured various presentations including those from Ambassador Liu Fei, of the P.R. China, Ms. Janet Whitaker, Second Secretary at the Australian Embassy, Mr. Carl-Heinz "Jason" Wemhoener-Cuite, Economic/Consular Officer of the US Embassy, Mr. Okean Ehmes from the UN Joint Presence Mission in the FSM, and Mr. Don Jacobson, Head of the PSD Unit at the Pacific Islands Forum Secretariat (PIFS).

For more information, please contact the Department of Resources and Development at telephone number (691) 320-5133.

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