Government of the Federated States of Micronesia

Second FSM Banking & Investment Symposium to Be Held

PALIKIR, Pohnpei (FSM INFORMATION SERVICE): October 14, 1998 - The second FSM Banking and Investment Symposium will be held in Pohnpei next week. The Symposium will begin on October 19, at 9:30 in the morning at the Central Facilities Building in Palikir with President Jacob Nena addressing.

The Secretary of the Department of Economic Affairs Sebastian Anefal will give the welcoming remarks. Two other remarks will be by representatives from the Asian Development Bank and the International Monetary Fund.

The purpose of the Symposium, said Iso Nahniken of U, Ihlen K. Joseph, is to bring together the political leadership, financial institutions, business leaders, economic advisors and other government officials to talk about specific problems we are facing and to find solutions to them.

Joseph is the Chairman of the Board of Directors of the Bank of the FSM and also the Assistant Secretary, Customs and Tax Administration and Administrator of the Department of Finance, "For so many years," said Joseph, there has been concerns that the banks are exporting too much excess cash outside of the FSM and not reinvesting enough within the FSM economy. That is because in most cases there are no bankable projects as well as the unfavorable investment climate in the FSM".

He stated that this Symposium will include representatives from the World Bank, IMF, ADB, EMPAT and other consultants to serve as resource persons. Joseph added that there have been many talks about promoting foreign investment, "but we should start by making the investment climate within the FSM look more favorable before we can look to the outside for additional investments." "Hopefully, the Symposium will clarify for action some of the important issues we must address," said Joseph. He added that the first symposium was held in Guam in February of last year.

This Symposium is open to everyone and Joseph as Chairman of the Broad of Directors of the Bank of the FSM is inviting everyone to come and join in the discussions. A $25.00 fee will be charged per participant.

The agenda of the two-day symposium include: introduction and the purpose of the symposium; presentation by consultants on private sector financial and investment environment in the FSM; group discussions addressing land and related issues; banking and financial sector related issues; investment environment and private sector growth, and indigenous business development.

A communiqué will be adopted before adjournment of the symposium. Joseph said that invitation to the Symposium is being extended to the FSM and state governments and to the private sector.

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