Blas wants Guam to profit from shift in global economy
October 13, 2015 – Senator Frank Blas Jr. has been working closely with the Guam Chamber and other entities to establish a plan that will bring jobs and revenue to Guam based on the economic surge in the Asia Pacific region.
“The world economy has shifted from Europe to Asia so we must be poised to take advantage of this for our local Guam community,” Blas said. “We are right in the middle of this golden opportunity for our island.”
Blas said even the recently signed Trans-Pacific Partnership recognizes the shift in the global economy as the United States, Japan and 10 other Pacific Rim nations last week reached a final agreement on the largest regional trade accord in history. The Trans-Pacific Partnership would set new terms for trade and business investment among the United States and 11 other Pacific Rim nations with an annual gross domestic product of nearly $28 trillion that represents roughly 40 percent of global G.D.P. and one-third of world trade.
“The shift in the global economy as well as the trade agreement presents an amazing opportunity for Guam,” Blas said. “Guam is the closest American soil to Asia so we should be at the forefront of expansion for companies wanting to do business in our region.”
Blas has been working closely with the Guam Chamber of Commerce as well as the Guam Economic Development Authority on ways Guam can benefit from the recently signed trade agreement and shift in economy. Blas noted that discussion includes enticing businesses to set up a Guam-based operation to be closer to Asia. The program will encourage stateside and international companies to set up Guam offices for purposes of conducting business in the Asia region.
“When they establish their Guam regional offices, this will create jobs for our people and will circulate money into the economy,” the Senator said. “This is great news for our community.”
Blas added that discussions are ongoing regarding potential legislation to strengthen the incentives that could be offered to the companies wishing to establish offices on Guam through the program. The Senator will continue his efforts and meetings regarding this matter.