Written by SHARLA TORRE MONTVEL-COHEN
Wednesday, March 23, 2011
GUAM - After only 48 hours on Guam exploring investment and business opportunities as part of the 2011 Taiwan Trade Mission, eight Taiwanese companies disclosed their intentions to actively pursue local joint ventures.
The Guam Economic Development Authority told Guam Buildup News today that as of last night's closing ceremonies, GEDA "learned that there are 8 companies looking at joint ventures on Guam."
GEDA Industry Development Specialist Carl Quinata who helped coordinate the mission hosted by the Taiwan External Trade Development Council, could not yet disclose company names. However, he said that GEDA was poised to help facilitate the early needs of the new partnerships.
As Guam braces for significant civilian-military population growth tied to massive new U.S.-Japan investment that is readying the island the transfer 8,600 Marines from Japan, investors from around the Asia-Pacific region are taking serious stock of challenges and barriers to entering the Guam market.
GEDA acted fast during the mission's short visit to respond to urgent requests by the Taiwanese to learn more about Buy American Act and World Trade Organization requirements that might hinder Taiwanese exports to Guam. With the help of NAVFAC Marianas Executive Officer Cmdr. Cheryl Hansen, GEDA was able to organize a last minute presentation on related federal requirements by Acquisition Director Andrew Wall and Small Business Advisor Al Sampson.
"Most of them were really curious about the Buy American Act restrictions and the ability for them to compete for contracts with NAVFAC and others," Quinata said. NAVFAC's immediate response to GEDA's call for an impromptu presentation was a "real success story," he said.
Also confirmed to GEDA last night was the news the 2009 Taiwan mission to Guam has resulted in Guam-based joint ventures and supply contracts for four companies from that mission. Without specifying names, Paul Wang, Director General of the Taipei Economic and Cultural Office in Guam confirmed that the 2009 mission has so far resulted in Guam-based investments worth over $10 million.
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