Guam eyes more Asian investors
By Pacific Island Times News Staff
Pitching the island as the “bridge between Asia and the United States," Guam leaders are calling on foreign investors to capitalize on the ongoing military buildup that generates the need for affordable housing among other sectors.
“Our administration is committed to creating a more diverse and wide-ranging economy that provides more stability and opportunities for the people of Guam," Gov. Lou Leon Guerrero said during a virtual meeting with 20 potential investors.
The Guam Economic Development Authority also announced an in-person investor conference scheduled for November 2023.
While Guam currently relies on tourism and military industries to keep the economy going, the governor said there is room for new industries including
aquaculture development, agriculture, transshipment, agri-tech and additive manufacturing.
Delegates from Japan, South Korea, the Philippines and the United Arab Emirates and a representative from the U.S. Department of Commerce attended the Aug. 10 virtual meeting hosted by GEDA and the University of Guam Global Learning and Engagement Department.
According to the governor's office, the meeting was a continuation of Guam's efforts to attract foreign investors following the 2023 SelectUSA Investment Summit in Maryland in May.
Officials said the meeting allowed potential investors to hear from the governor and the Department of Revenue and Taxation about doing business in Guam and potential investment opportunities.
"This virtual meeting is a positive next step towards encouraging increased investment in Guam," said David John, GEDA chairman.
"Moving forward, we plan to welcome high-potential investors to the island to introduce them to stakeholders, including immigration attorneys, finance and taxation experts, and real estate professionals,"
The November conference, he added, "will help facilitate investor due diligence to get investment dollars flowing into our island at an accelerated pace."