Marshall Islands Creates New Corporation To Revitalise Investment

Pacific Islands Development Program, East-West Center With Support From Center for Pacific Islands Studies, University of Hawai‘i

News Release

Office of Commerce & Investment Majuro, Marshall Islands

Feb. 10, 2014

Marshall Islands has established a new corporation to actively promote investments and exports, in order to increase the country’s economic growth. It will work hard to arrest low growth the country has been experiencing - an underlying cause of the slow pace of social and economic development.

The Office of Commerce & Investment of Marshall Islands was created by an act of parliament late last year. It has wide-ranging functions and powers, designed to make it a catalyst for economic and social development. It will attract and facilitate investments and also make equity investments in worthwhile projects.

Its mission is to pursue economic development programs and projects to improve the economic and social conditions of the people of Marshall Islands.

The 7-member board of OCI, chaired by Michael Konileos Minister of Resources & Development, with 4 private sector representatives, held their first meeting recently to launch the corporation.

Among other things, they approved the operational statement of the corporation, which is designed to operationalize its wide charter, and specifically to focus its operation in order to enhance its effectiveness.

Commenting on the statement the chairman said: "The statement highlights the functions and activities that OCI will focus on, based on a careful identification of key economic and social issues facing the nation, and strategies and measures that have been identified to address them."

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