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