New investment promotion outfit for Marshall Islands

23/02/2014

A new corporation to actively promote investments and exports has been established in the Marshall Islands. Created by an act of parliament late last year, the Office of Commerce &amp; Investment of Marshall Islands (OCI) has wide-ranging functions and powers.<!--more-->

Its mandate is to attract and facilitate investments and also make equity investments in worthwhile projects with a view to promoting economic and social development in the country.

The seven-member board of OCI in its first meeting approved the operational statement of the corporation, which is designed to operationalise its wide charter, and specifically to focus its operation in order to enhance its effectiveness.

The corporation plans to raise annual investments to more than 20 per cent of GDP, greater than $20 million a year. Currently the investment ratio is less than 10 per cent or lower than $10 million a year. The board has identified key investment sectors including fisheries, tourism, coconut industry and deep-sea mining, and the corporation will be actively pursuing opportunities in them.

OCI will also focus on promoting the development of infrastructure, particularly those critical for the expansion of private investment. It will also actively address business constraints and weaknesses and overcome specific comparative disadvantages, such as difficulties in registering property, limited access to credit, a shortage of skilled domestic labour and the high costs of doing business.

To contact the OCI for more information email Ms. Rebecca Lorennij, Secretary of Resources &amp; Development on rndsec@gmail.com or call (692) 625-3206/4020.

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