Foreign Investment in Pohnpei.

Whats going on guys????
Opening everything, casino, sea cucumber, tuna farming, Chinese shop expanding.
It looks to my like things are going down really fast.
Keep going like this and you will have more Chinese in Kolonia in 10 years then Micronesians.
Looks fishy to me, really fishy.

Comments

  • The profit from harvested resources and the added value of local labor becomes capital outflow, resources are depleted, and environment degraded.
    The casinos will enable further impoverishment of those most vulnerable and there will be overwhelming foreign influence on legislative actions.
    Is that "Whats Going On?"

  • Imagine this: There are a few tens of thousands people on Pohnpei, including non-residents. The amount of money on Pohnpe i is not that much. Why would the Chinese investors come in great numbers to Pohnpei, and any other locale, for that matter. Could it be possible that there would be illegal forms of business disguised as legal fronts to launder illegal money?
  • Even big countries need foreign investment. Sensible foreign investment is necessary to wake-up the sleeping market. The few business owners willing to "force" the government to make them the only businesses owners are already rich and are committing the worst types of atrocities against their employees (look at the wages, hours, abusive treatment, etc.). We need to figure this out because the status quo is not working.
  • I hope it is not true the few business owners in Pohnpei are not banding together to prevent free market and free enter in a free country. But responsible leaders should be very sensitive to the survival of their own people, to the point that they need to protect them from an economic takeover by already filthy rich people who only want to become even more extremely filthy rich.

    If they care that much about their people they must even sacrifice jump-starting economic growth and invest in their own people by providing for an environment conducive to quality education and good health, engines which can help move the people toward a better quality of life. Slow progress can be desirable and perhaps is the responsible approach in this instance.

    The fear of the end of funding from the compact in 2023 is just that. A fear. It will not be the end of the world. The fear should be used to instill a sense of urgency in the leaders to think for the masses instead of self, motivate leaders, parents, young people to value education and good health and hard work, and curtail unwise use of funds, both public and private.
  • How do fish stock harvesting contracts work?
    Is there much poaching going on within FSM's Exclusive Economic Zone?
  • Foreign Investment and competition is very healthy for any economy. To ensure the economy of scale is leveled out properly in any business. Our small business owners in Pohnpei are mainly concerned about one thing and one thing only. They are concerned that Pohnpeians will realize that they've been milking the consumers for a long time.

    As a consumer, I don't have a choice, but to buy from what is available through our small business. We complain about foreigners coming into our islands, but yet, when we travel to Guam and Hawaii, we go straight and do our business at a foreign investment business. Competition is very healthy for any economy.

    I'm sure the FIB Law being amended doesn't mean that anyone can just come in without any controls in place. Lets be positive.
  • edited October 9
    Self-investment pays the greatest returns.
    Foreign investment results in profit from harvested resources and added value of local labor becoming capital outflow, resources are depleted, and environment degraded.
    Do you know who is harvesting your fish?
    Are you getting the best deal you can?
    FSM has one of the largest Exclusive Economic Zones on the planet. If the people are not protecting it then you will probably be exploited and left impoverished.
    Perhaps a healthy fishery is more valuable than oil and gold.
    Who hold the contracts for harvesting the fish in FSM EEZ?
    How much poaching is taking place?
    The foreigners in town are not the folks to be worrying about. It is the trawlers off your shores.
  • Gav,
    To answer some of your questions,

    NORMA is the ultimate authority to issue fishing rights to fishing companies. So NORMA is the entity that has the authority to sell the fishing days to these fishing companies.

    As far as the poachers are concerned, we will need to activate our FSM Surveillance and Office of Fish and Wildlife.
  • Paclands;
    Thanks for the info. Has FSM ever asked the US Navy or Coast Guard to assist in identifying and siezing poaching vessels?
  • Gavi,
    Not that I know of. The fish migrate from region to region depending on the weather and current I believe. I guess FSM Government reserves their requests to NAVY & CG for drift aways and others.
  • This is a big problem that must be addressedimage
  • Hmm...Interesting points. Why would you try to prevent free market. All you need is taxation on these foreign investments. The process was a bit of a doozy for me. No online information or application. You go to PNI state to get information and everything, I mean EVERYTHING is in paper trail. Great to get away from Online fraud, only, if only they have great clerks and local filing systems. It's good for those with patience and can be persistence.
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