15 Dec 2008

Northern Marianas puts feelers out for technology investment

11:32 am on 15 December 2008

The United Micronesia Development Association is looking to the creation of a technology centre to rejuvenate the region's flagging economy.

The company has entered an arrangement with the University of California's Anderson School of Management whereby the students conduct research to gauge technology companies' level of interest in moving their operation to Saipan.

The chief executive says as a United States territory the Commonwealth of the Northern Marianas enjoys the protection of the mainland's judicial system but a lower tax rate.

Russell Snow says another obvious attraction to technology companies is the island's exemption from a cap on immigrant workers.

"Certainly one of our objectives is to see what we can do to stimulate the economy of the CNMI and to create a new economic engine for the economy of CNMI. It's a beautiful island here, it's a wonderful place to raise a family and I think as importantly, particularly in light of more current headlines around the world, it's a very safe environment where technology companies can come and establish a presence"