FSM National Government to Convene a 3rd Investment Facilitation Symposium

Palikir, Pohnpei (Dept. of Resources and Development): The National Government is convening a Symposium on Investment Facilitation in the FSM for May 6-9, 2013 at the COM-FSM Gymnasium, Palikir, Pohnpei. The main objective of the proposed Symposium is to discuss and make recommendations on measures to facilitate investments in the FSM, focusing on improving the business climate, enhancing financial literacy of the private sector as well as the confidence of financial institutions to lend to the private sector, with the ultimate objective of achieving long-term economic growth and sustainable development.

The Symposium will build on previous Banking and Investment Symposiums that took place in the late 1990s and 2000 and subsequent reforms, recommendations from the 2011 National Economic Summit, and the December 2012 Development Partners Forum; and will be followed by a State and National Leadership Conference on May 10, 2013, which will consider and endorse recommendations of the Symposium. International agencies such as the Asian Development Bank, the World Bank, and the Alliance Forum Foundation will be in attendance to provide technical assistance to the Meeting.

In order to ensure a thorough discussion, and formulate specific and achievable recommendations as well modalities for implementation, President Manny Mori designated an Organizing Committee comprised of FSM Department of Resources and Development, Office of SBOC, FSM Development Bank, and FSM PetroCorp to conduct a nation-wide consultation with all relevant stakeholders (Executive and Legislative Branch, Private Sector, and NGOs) that are involved directly or indirectly in investment facilitation at the State and National level. The Committee has undertaken consultations with Pohnpei State, Yap State, and the National Government, and is currently in Chuuk for that process, with the final consultation to be undertaken in Kosrae State next week.

The Department of Resources and Development serves as the focal point for the proposed Symposium, and can provide any clarifications and answers to questions from the general public regarding the proposed Symposium via email at fsmrd@fsmrd.fm or via telephone at (691) 320-5133.