6 Jan 2003

Marshalls business leaders warns that local retail firms could go out of business this year

5:05 pm on 6 January 2003

Local business leaders in Marshall Islands say that without government intervention, some of the largest locally owned retail firms will be out of business within a year.

The pressure of dozens of recently opened businesses, a slow economy and what they say are unsupportive government policies are affecting performance.

Many are blaming an increase in Asian businesses, which followed the policy of the previous government of selling passports.

But the Chief Executive of Robert Reimer Enterprises, Ramsey Reimers, says it is unfair to blame the Asian businesses as it is the reality of globalization.

He says it is a new business environment that neither the government or local businesses have adapted well to.