fae
om embezzlelimited
to
Territory also
ume of busial year 1968,
bered 33, an
the previous
were buying
goods, often
there was no
catching and
: and marketting low-cost
building and
revenues of
ratives
will
fiscal year
1967, 7,499
ibers. Good
cooperatives
453,201 and
299,363 in
The Director of Economic Develop-
ment analyzes proposed outside invest-
ment, obtains views of concerned
persons, and formulates a recom-
mendation for the High Commissioner
to license or charter any enterprise
involving non-Micronesians.
In reviewing a business venture
application, the following criteria,
among others, are considered:
(b) the promoters’ willingness for
joint Micronesian ownership of the
venture
(c) the degree to which such an
Operation effects a net increase in
exports or a net decrease in imports
(d) the extent of participation by
Micronesian citizens at the outset and
in the future at the management level
and at lower levels, and the provisions
for Micronesian personnel training
(e) the
lack
technical,
of
capability—
managerial
or
otherwise—of Micronesians to operate
such a business now or within the
reasonable future.
Investment which meets the above
considerations, resulting in an inflow
\ority recogipital and
large-scale,
eke
(a) the economic need for the
service or activity to be performed
financial,
—_____
Me ERE BE
most efficient and profitable manner.
dA oe
to carry out economic ventures in the
Mee EURORROD
unions have
ond coverage,
sophisticated enterprises, are needed —
of capital and needed know-how and
increasing the productivity of Micro-
nesian workers, is welcomed and facili-
tated.
Part VI—Economic Advancement
rr
ance provides
respect to a
en a member
company will
S savings at the
considered an
to save and to
g their savings
.
Zz
of: ogee He
acinirite
0allea do Tk
eit7 Rea
Be A
t
1h eeaES ger
The law prohibits ownership of
land by persons who are not citizens
of the Territory. The High Commissioner must approve land leases to
non-Micronesians. Approval for applications to lease jand for commercial
purposes is considered formally after
the
applicant has
received
formal
approval from the High Commissioner
for his business venture, including all
associated relevant activities. Such
approval or permission is manifested
by license or Territorial corporate
Mobil Oil Micronesia, Inc. operates
a petroleum supply, storage, and distribution system throughout the Territory. District managers are Micronesians,
Micronesian
involvement
in
the
ownership and operation of Air Micro-
nesia is an important feature of this
new service. The airline is owned 31%
by Continental Airlines, 20% by Aloha
Airline of Hawaii: and 49% by the
United
Micronesia
Development
charter.
Association, most of whose stock is
owned by Micronesians.
Micronesians are limited in the
skills necessary for their ready participation in economic development
opportunities at present. Shortages
exist in managerial, professional, and
middle level skills, such as building and
service trades. The demands of expanding activities will increase the
shortages. Therefore, when circumstances require and when the econom-
Micronesian Line, a locally chartered firm, operates the Territory’s
three major logistic vessels and the
ic venture is desirable, the Territorial
Government will allow entrepreneurs
to import skills to meet schedule and
vocational requirements. The intent of
the Government is to ensure that
Territory citizens are involved to the
maximum extent feasible in the job
structure of the proposed economic
activity. It is also the Government’s
intent
that,
when
alien
labor
is
imported, maximum effort be made to
train Micronesians to replace them as
soon as practicable.
M/V Majuro. Both government and
private vessels serve islands from each
district center.
The Van Camp Sea Food Corporation operates a live-bait tuna fishery
and
on-shore
freezing, cold-storage,
and auxiliary facilities to support this
industry.
The Micronesian Hotel Corporation
has leased a portion of beach area in
Saipan, Mariana Islands District, for a
luxury hotel, the Royal Taga. The
lease agreement is for 20 years and
may be extended.
The
Micronesian
Development
Company, Inc. is developing a modern
livestock industry on the island of
The largest investments in the Territory are by Mobil Oil Micronesia, Inc.,
Tinian, Mariana Islands District.
vestors are Micronesian Line, Van
Camp Sea Food Company, Micro-
Other non-Micronesian investments
include insurance companies, a charter
Micronesian Hotel Corporation.
pany, and small service industries.
and Air Micronesia. Other large in-
nesian Development Corporation, and
boat enterprise, banks, a bottling com-
Fiscal Year 1968
FENrR IR SR TERE ER ER SRE a AEREES OM TTem, emer Se Mg,AL
*
7
47
ae eeOe