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.