Foreign Investment in Pohnpei. What is going on?

I remember years back when there were hard restrictions on foreign investment in Pohnpei. For example, retail of basic good was reserved for Pohnpeians. Now days I see retails stores poping around town selling all kinds of gods from food, clothing, car parts and owned by Filipinos, Chinese, Indians or Paquistanis. Were the foreign investment restrictions lifted? Do these guys have a local partner or wife? Does the government not care? What part does the foreign investment office plays? Now days they do not have a board and decision to aprove or not a business come from where? Just curious. I only see foreign business that take away from Pohnpeians. None that bring new money to the island. Am I missing something here?

Comments

  • mickjagger, during those years, foreign investment was strictly controlled by the National Government. Presently, foreign investment is controlled by the State Level which has caused havoc in the system and has allowed foreigners to compete against locals in businesses that should not be considered foreign investment.

    From what I do know, the National Government is trying to take back control from the State Level however the State Government does not want to relinquish the reigns.

    In my opinion, it smells fishy. Seems like someone doesn't want to lose out on something.
  • There is a national or FSM law or code on foreign investment & the State laws are supposed to comply with it. In other words
    the State foreign investment laws cannot supercede our FSM Foreign Investment law. Howecer, that's not always the case.

    For instance, during the former Governor of Chuuk, Ansito Walter, Chuuk abolished the Chuuk Foreign investment board & Ansito ssued an Executive Order authorizing or giving the Chuuk Chief of C & I the sole power of issuing foreign business permits or licenses to to foreign businesses to do business in the State of Chuuk.

    The Chuuk Legislature at that time did not oppose the Executive Order because Ansito released or approved an increase in their allowances/representation funds.

    Years later, when Mr. Joses Gallen(of Pohnpei) was Chuuk AG, he took advantage of this loophole & helped Saki store ( Indian business) got established & signed a rental lease agreement with Fastino, the current Mayor of Weno, Chuuk.

    Interestingly, because the Pohnpei Foreign Investment board was strict at that time in allowing foreigners to come in to Pohnpei & operate on their own, Mr. Gallen, now
    our Secretary of FSM Dept of Justice, found a loophole to beat the Pohnpei Investment board & established 2 Indian Stores in Kolonia....the name of the 2 store - JG Store.....what does JG stand for? Definitely, that name ain't the name of the real owners of the Pohnpei stores.....JG is Joses Gallen.

    I wonder if he's( as Sec of Justice dept) gonna be interested in looking into the States' foreign investment laws, the same State laws he toyed with.

  • Yes, Saki is all over the place. Chinese stores as well, people that came as carpenter running retail and so on. Who cares? I have seen some very clear back and white not looking right things, but then again, I am not an investigator and the Foreign Investment Office in Pohnpei can't do a thing about those business...so who will?
  • Yes, it is unfortunate. I believe the pretense behind the creation of this foreign investment was to avoid foreign entities from competing with existing local services that our local businesses are providing.

    Regrettably, this is no longer the case.
  • I don't see it as a bad thing, necessarily. There are many examples of thriving, successful local business people. It can be done. Ulitmately, the beneficiary of competition is the consumer. Skin color, ethnicity, nationality should have no bearing on competition. We are able and should outcompete anyone regardless of the label the opponents racial/social classifications.
  • edited December 2
    Just encourage the locals to kick the kind of Saki's ass out of FSM
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