Economic diversification working group formed to explore new industries for Guam

Gov. Lou Leon Guerrero, in partnership with the Guam Economic Development Authority (GEDA) and the Guam Chamber of Commerce, has established the Governor's Economic Diversification Working Group, a group charged with executing new industries to rebound from the adverse effects of the Covid-19 pandemic.

Over the summer, the Guam Chamber of Commerce formed an ad hoc committee to conduct research and meet with stakeholders to forge an economic diversification plan.

The result was a white paper entitled Proposed Economic Diversification Initiatives for Guam, which identified potential industries, discussed barriers to entry, provided implementation recommendations, and articulated potential benefits.

The Chamber’s proposals were provided to the governor and GEDA, prompting the creation of the Governor’s Economic Diversification Working Group.

Proposed alternative industries include:

· Alternative Dispute Resolution

· Guam Captive Insurance

· Guam Trust Incentives Act Program

· Relocation of High Wealth Businesses/Individuals from Asia