Guam Economic Symposium To Promote New Investment

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Development Authority, Visitors Bureau to host October event

By Gaynor Dumat-ol Daleno

HAGÅTÑA, Guam (Pacific Daily News, Sept. 5, 2014) – Gov. Eddie Calvo joined Guam Economic Development Authority and Guam Visitors Bureau officials yesterday in announcing an upcoming economic symposium.

GEDA is holding the event, called "Invest Guam -- the time is now" from Oct. 22 to 24.

It's meant to drum up Guam's potential to further develop as a hub for business and investments between America and Asia, officials said.

"These are exciting times; things are headed in the right direction, and we need to maximize the potential and not let investors pass us by," said GEDA board Chairman E.J. Calvo.

And while Guam is an attractive place for investors, the island faces fierce competition, GEDA's chairman said.

"Guam's economy is at a crucial growth period that will present a wealth of opportunities for local businesses of all sizes. It is critical that we capitalize on these opportunities and lay a solid foundation for the island's steady, continuous, and sustained economic growth," the governor stated.

GVB board Chairman Mark Baldyga said Guam needs investors who can develop five-star hotels.

With Guam's growing Chinese and Russian tourist numbers, Baldyga said it's critical to entice high-end hotel developers because four months in a year, Guam hotels are fully booked.

"One of the challenges with the Russia and China markets is they want to have rooms throughout the year," Baldyga said. "We have to add hotel rooms."

GVB General Manager Karl Pangelinan said Guam is starting to see a revitalized visitor industry, especially with the recent announcement that Japan-based Ken Corp. is building a Guam hotel. There's also renewed interest in purchases of land in Tumon Bay and in other Guam locations for tourism and other investments, he said.

"We're at the start of a tourism buildup," Pangelinan said.

Some of the off-island speakers and presenters at the conference next month include:

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