Economic advisers seek to diversify the economy

The Economic Diversification Committee of the CNMI Governor’s Council of Economic Advisers held its first meeting on Tuesday, intending to set the agenda to bring in new industries to the Commonwealth.

Vin Armani, with Marianas Rai Corporation, chairs the GCEA committee and said their goal is to promote and incentivize the growth of export (goods and services) industries and attract existing and startup foreign enterprises to establish themselves in the CNMI. They hope to produce draft documents that are ready for the Governor to sign, implementing the committee’s suggestions. Other draft documents the committee will produce include executive orders, directives, legislation and communications, and rules and regulations.

Armani outlined action item priorities. The first is statistics, where they hope to create business license metrics and a database based on the Business Gross Revenue Tax. They also hope to create a source of demand for new taxpayers through incentives. Armani also said they hope to address corporate formation and registration by reducing friction in the process.

Members of the committee include ⁠Sen. Manny Castro, Mark Rabauliman with the GCEA & Northern Islands Mayor's Office, ⁠Josh Cook with the Trade Council of the Marianas, CEDA Exec. Director Derek Sasamoto, Tax Attorney Tina Azarvand, Dept. of Commerce’s Economic Development Officer Kioshi Cody, and ⁠Laurie Peterka with MANGO. Lt. Gov. Dennis Mendiola and his staff, former Finance Secretary David Atalig, also participated in yesterday’s meeting.