Government of the Federated States of Micronesia

Governors Requested to Comment on El's Application

PALIKIR, Pohnpei (FSM Information Service): October 3, 1997 - FSM President Jacob Nena, on September 26, 1997, requested each of the State Governors to review and comment on the proposed amendment to foreign investment permit by El's Construction and Development, Inc., pursuant to title 32 of the FSM Code.

The amendment, if approved, would allow El's Construction Company, Inc., to operate its business in Chuuk, Kosrae and Yap, in addition to Pohnpei and to extend the term of the permit to 15 years.

The State Governments have 30 days from the date of receipt of the application to comment or make recommendations on the application and return it to FSM President within the specified time-frame. "Your decision is critical to the fate of the request for amendment and prompt attention to the matter is highly solicited", Nena stated.

Failure to act on the application within the time-frame would result in the National Government acting on the application without the state's comments, Nena concluded.

Identical letters were forwarded directly to each of the four State Governors.

For further information on this release, please contact:

FSM Office of the President
Public Information: Press, Radio, Video
P.O Box 34
Palikir Station, Pohnpei, FM 96941
Tel.: (691) 320-2548/2092
Fax.: (691) 320-4356