Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
CNMI economic development director touts new investment packet, credits 2022 law for expanded outreach
Summary
Derek T. Sasamoto, executive director of the Commonwealth Economic Development Authority, presented a digital investment packet and credited a 2022 public law with empowering the authority to pursue foreign investment, while delegates urged attention to agribusiness, local jobs and food security.
Derek T. Sasamoto, executive director of the Commonwealth Economic Development Authority, told the Association of Pacific Island Legislatures on Saipan that CEDA has been actively marketing the Marianas to outside investors and circulated a digital “investment packet” accessible via a QR code on his business card.
Sasamoto said that the office had hoped to distribute a full investment packet at the APIL meeting but that presentation glitches limited what could be shown; he provided printed cards and told delegates staff would distribute a copy of the public law that created or restructured the authority. "The only reason why my office of CEDA is able to do what we're doing now is because of that law," Sasamoto said, adding that the statute gave the office the authority and confidence to pursue investment aggressively.
Delegates pressed for more detail. Several asked whether target investors were required to meet thresholds such as minimum capital or hiring commitments; Sasamoto said CEDA was “very flexible” while testing the market and that decisions about establishing a local business remain with the investor. He described one agribusiness and biotechnology investor that has committed to visit the Marianas to assess on‑island conditions and to meet multiple agencies next month.
Speakers from multiple delegations framed the investment push in terms of local food security and revenue needs. One delegate noted that the islands must strengthen local production capacity to reduce vulnerability to border closures and global supply shocks, citing lessons from storms and the COVID‑19 pandemic. Sasamoto told members CEDA provides due diligence and candid disclosure about constraints such as immigration and workforce programs when talking with prospective investors.
Delegates requested distribution of the 2022 public law that formalized the authority’s role and suggested sharing the investment packet with other APIL members as an example of a centralized promotional approach. Sasamoto agreed to provide printed copies of the law and the packet after the session.
