Colonia, Yap. January 25, 2018. On January 22, 2018, FSM Ambassador to China, H.E. Carlson D. Apis, and his honor guest, Exhibition Travel Group (ETG) Chairman, Mr. Deng Hong, made a courtesy call visit to the Yap Congressional Delegation. The courtesy visit focused on the ETG’s investment and development plans in the State of Yap, and concerns of current National and State laws affecting foreign investments in Yap.
Senator Isaac V. Figir, at the outset of the meeting, welcomed Ambassador Apis and his guest ETG Chairman Deng Hong to Yap on behalf of the Yap Congressional Delegation, noting to them that Senator Joseph J. Urusemal, Chairman of the Yap Congressional Delegation, was on official travel.
Also beginning discussion on the ETG’s investments in Yap, Senator Figir agreed with the visiting delegation that any foreign investment in Yap, ETG’s investments and development plans included, must always take into account “the protection of the environment, preservation of Yapese customs and traditions, and the interests of the people of Yap State.” The Senator also concurred with Ambassador Apis’ comment that the Federated States of Micronesia (FSM) welcomes and promotes legitimate foreign investments into the nation as a means to economic development.
ETG Chairman Deng reported that since ETG’s agreement with the Yap State Government and signing of a memorandum of agreement with the traditional council of chiefs in 2012 for its tourism investments in Yap, the company has secured land lease agreements and continue to make lease payments to landowners, as well as actively contributing and participating in various social programs and activities in the State. Further adding, that no major development has started since 2012 as ETG continues to seek more land lease agreements and evaluate the risks and uncertainty posed by amendments to the Yap State foreign investment laws. “Instability in the [Yap State] foreign investment permit laws is too risky for ETG”, stated Chairman Deng through his interpreter.
In discussing foreign investment permit (FIP) laws, Senator Figir explained that although foreign investment is within the FSM Government’s jurisdiction, the power to regulate FIP laws relating to investments under State jurisdictions now lies with each State. Further noting that the FSM Congress continues to review the FSM foreign investment laws, as well as immigration and labor laws, to see how to best accommodate not only protective, but also friendlier procedures and effective laws for the nation. The Senator also added that the Yap Congressional Delegation will continue working with the Yap State leadership on ways to best improve foreign investment laws in the state and nation.
For more information on this courtesy visit and other activities of the Yap Congressional Delegation, please contact the Yap Congressional Delegation Office.
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