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U.S. Secretary of DOC zeroes in on importance of international cooperation

U.S. Secretary of the Department of Commerce Gina M. Raimondo placed emphasis on the importance of international cooperation in promoting innovation and growth in industries related to commerce and technology.

Raimonodo highlighted the Inflation Reduction Act on the second day of 2023 select US summit, marking a significant milestone in the battle against climate change and clean energy solutions.

"It is expected to unlock a colossal amount of private capital investment into climate-innovative technologies, spurring new green projects that promise to transform the energy landscape."

A press statement released by the Governor's office says the Secretary pointed out the Act brings new hope to American Samoa as they actively look for ways to reduce their carbon footprint and fight against climate change.

The Secretary also noted, one of which pertains to the Tech Hub initiative set to launch this summer.

"This is a significant step towards investing in our national security and competitiveness. "The new initiative aims to address the issue of limited growth opportunities beyond coastal cities by designating communities as Tech Hubs and making direct investments in regional tech economies.

"This initiative aligns with American Samoa’s goal of an Innovative and Technology Park - American Samoa as a Pacific Regional hub for technology."

According to the statement, the American Samoa delegations are fortunate to gain insights on workforce development for economic prosperity and job creation, network with potential investors, and exchange information on best practices for technology business incubators.

"In due course, a comprehensive summary of daily movements and the after-action report will be accessible for public knowledge.

"Below are short summaries of prospects gleaned from sessions attended by the leadership and staff.

"Daily Movement | AAR synopsis from the leadership & staff who attended the summit on Day 1 - May 1, 2023, Monday:

  • Building a Tech Ecosystem in Your Locality Building a tech ecosystem requires among many things, support and resources for startups so they can focus more on producing products or services.

  • Workforce Development: Preparing for Jobs for the Future

  • CleanTech Incentive Landscape In line with the Biden Administration's goals - BIL and IRA (Inflation Reduction Act) each have billions of dollars in public investments committed to Clean Energy Initiatives

  • Invest in Tribal Communities American Samoa has a unique hybrid system of law; indigenous matai system and communal land ownership.

No Recommendation as American Samoa has preserved its pre-colonial culture better in contrast to other US territories in terms of tribal sovereignty and Trust Lands vs. Fee Lands.

Trade & Export recommendations: Enhance, and improve the agricultural and structuring of your business in the U.S. Recommendations:

  • (1) Engage legal and tax professionals for advice on choosing the best-suited business structures.

  • (2) Streamline the standard process to attract investors.

  • (3) Choosing the appropriate legal structure is critical to both investors and the government

  • (4) Implement a comprehensive regulatory process to avoid any tax evasion by foreign investors

  • (5) Conduct tax audits for medium to large corporate businesses to ensure that all applicable taxes are remitted to ASG.

The Invest in American Samoa booth is ready and open for potential investors around the world.

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