The government economic task force has called for the establishment and expansion of new businesses in the territory as another way to boost the territory’s economy, according to the final draft of the Economic Development Implementation Plan, which was created to help foster economic prosperity for the territory.

To achieve the goal, the task force recommends pinpointing, developing and implementing effective recruitment for business plans, for the successful establishment of prime “niche” businesses and services.

It suggests seeking technical assistance/investments from federal departments such as Interior, Economic Development Administration and the USDA’s Rural Utilities Service.

The task force gives an estimate of total funding needed at $300,000 and suggests that $100,000 in a technical assistance grant go toward identifying and validating top prospective industries, with the balance of the grant going to business plans for effective recruitment of local and off-island investors. 

The task force also recommends a business incubator to complement the Small Business Development Center’s (SBDC) efforts to train the local workforce in technological skills as well as train people interested in starting their own business.

Additionally, it recommends that facilities be provided to nurture these new businesses until they are ready to be self-sufficient.

Another recommendation by the task force is the development of manufacturing and exports, saying that local manufacturing must be researched and fostered in order to increase export industries.

“Resources must be reallocated to promote local manufacturing that is competitive with the global market,” it says, adding that wages must be looked at to determine viability in export.

OTHER RECOMMENDATIONS:

• Develop direct foreign investment opportunities through EB-5 investor/loan programs to serve the needs of American Samoa residents.

• Develop an international financial registry and also reform both tax obligations and incentives for an efficient registry system.

• Join Sister Cities International (SCI) and leverage the opportunities SCI provides to promote cultural understanding and stimulate economic development.

Established during President Eisenhower’s 1956 White House Conference on Citizen Diplomacy, SCI creates relationships based on cultural, educational, information and trade exchanges, creating lifelong friendships that provide prosperity and peace through person-to-person “citizen diplomacy”, according to the SCI website.