Department of Interior Business Conference Day Two

Press Release #0409-15
Palikir, Pohnpei – DOI Press Release via FSM Information Services
April 09, 2009

(HONOLULU, HI) — The Department of the Interior’s Conference on Business Opportunities in the Islands completed its second day today, as business and government leaders continued to meet in order to develop business partnerships that will eventually benefit the economies of the U.S. territories and freely associated states.

Morning sessions began with a panel of government speakers discussing the range of government programs and structures to promote economic development.  A crowded auditorium greeted the panelists, who represented four of the ten federal agencies present at the conference, including the Department of the Interior, the Department of Agriculture, the Environmental Protection Agency, and the Small Business Administration.

The following plenary session, entitled the “Business Round Table”, featured businesspeople not originally from the islands who moved to the islands and established successful businesses.  They shared with potential investors and partners the stories of their success, illustrating some of the challenges and, more importantly, the benefits of doing business in the islands.  Speakers also offered invaluable lessons from their experience to interested partners with limited exposure to the different island business climates, repeatedly emphasizing the need to understand and respect the island cultures in order to be successful.

Two members of the U.S. House of Representatives, the Honorable Madeleine Z. Bordallo (Guam) and the Honorable Eni F.H. Faleomavaega (American Samoa), were the keynote speakers during the conference luncheon.  Congresswoman Bordallo spoke convincingly about the need for developing new sources of energy in the islands, stating, “Renewable energy represents the biggest challenge for the insular areas and our nation.”  Later, she added, “This conference is an exceptional opportunity for businesses to provide private sector solutions for renewable energy sources.”

Congressman Faleomavaega echoed his colleague’s comments by also emphasizing the need for alternative energy solutions and noting some remarkable developments in wind energy that may have practical applications in the islands—particularly in outer islands that do not need to generate massive amounts of electricity.  The congressman praised the intention of the Conference on Business Opportunities in the Islands, commenting, “Economic growth in the territories comes about by investing in the private sector. The federal government alone does not sustain economic growth in the territories and [freely] associated states.

Afternoon sessions consisted of presentations developed by the island delegations.  These dedicated sessions, with each island jurisdiction having its own hour long block, allowed island leaders to provide conference attendees with a deeper look at the variety of business opportunities and incentives for doing business available in their islands.

The Federated States of Micronesia’s delegation for this session was led by Secretary of Resources and Development, Peter Christian.  In his remarks, Secretary Christian assured potential investors that, “The gap that existed between Micronesia as a business center and other business centers around the world has closed and continues to close.”  Going on, he stated, “The government of Micronesia has worked hard to ensure that [the FSM] is not just good—but a secure place for you [off-island investors and partners] to do business.”  An extensive period of questions and answers followed, during which time attendees were able to learn more about the opportunities and benefits of doing business in the FSM.

The conference ends on Wednesday, April 8 with a full day of business-to-business meetings facilitated by DOI staff, allowing attendees to meet individually to develop joint ventures and secure partnerships following the previous days of networking.  Over 300 meetings have been officially scheduled, and even more are expected to occur as participants have made multiple new connections at the conference.  Nik Pula, Acting Deputy Assistant Secretary for Insular Affairs, offered closing remarks for the conference, thanking the leaders of the delegations, the dignitaries from the diplomatic community, and the members of Congress who traveled to the conference.  Continuing, Mr. Pula also extended his appreciation to all of the businesses and organizations from the islands and around the world who attended.  “Your presence here is all the more impressive in these tough economic times,” he stated, “and it gives us all great encouragement as we face these challenges and opportunities together.”        

The 2009 Conference on Business Opportunities in the Islands is the Department of the Interior’s flagship event to promote economic development in the U.S. territories and freely associated states and is featuring discussions of new developments in renewable energy, infrastructure projects, and tourism opportunities.  Attendees will have the opportunity to develop their networks, while learning about the growing business sectors and investment opportunities in American Samoa, the Commonwealth of the Northern Mariana Islands, the Federated States of Micronesia, Guam, the Republic of the Marshall Islands, the Republic of Palau, and the U.S. Virgin Islands.