FSM Information Services
Press Release
President Panuelo & Micronesia Registration Advisors (MRA) Address Contemporary & Prospective Investors, Celebrate 31 Years of FSM-Japan Relations and 33 Years of FSM Independence
TOKYO, Japan—On November 13th, 2019, His Excellency David W. Panuelo, President of the Federated States of Micronesia (FSM) and Micronesia Registration Advisors (MRA) met with contemporary and prospective investors in the FSM for the dual purpose of marketing the FSM and its public-private partnership with MRA in a series of seminars. Following the seminars, the President was interviewed by a Tokyo TV news station, and then held meetings with SoftBank Energy Corporation, ABLE Overseas Reinsurance Company, Ltd., and KDDI Corporation, among other major corporations, to strengthen the Nation’s relationship with the companies. The day was capped off with a formal celebration of 31 years of FSM-Japan relations at a reception hosted by FSM and MRA.
MRA works on behalf of the FSM National Government to promote the FSM Captive Insurance Domicile and the FSM Corporate Registry Program to corporations in East Asia. In addition to providing substantive value to major corporations that register in the FSM, the Nation benefits insofar as—by law—50% of the FSM’s revenues from MRA-related programming are immediately withheld and placed into the FSM Trust Fund, ensuring long-term sustainability of the Nation’s capacity to provide essential services to its citizens. (The same law also mandates 20% of all fishing fees to also go into the FSM Trust Fund.)
The FSM has made tremendous progress in 2019 to add value to companies interested in the FSM Captive Insurance Domicile and FSM Corporate Registry Program, including receiving a final rating of “Largely Compliant” by the OECD’s Global Forum (the same rating that Japan and the United States of America have), meaning the Nation has the appropriate legal and regulatory framework on tax transparency in place.
After the President addressed investors, he was interviewed by Tokyo Metropolitan Television Broadcasting Corporation (Tokyo MX), a TV station that exclusively serves the Tokyo metropolitan area. In the interview, the President spoke at length about the Kizuna (special bond) between FSM and Japan. The President invited Tokyo MX to visit the FSM in order to learn more about the FSM-Japan Kizuna.
Following the interview was a series of meetings, firstly with SoftBank Energy Corporation, secondly with ABLE Overseas Reinsurance Company, Ltd., and thirdly with KDDI Corporation. All three companies have captives/major corporations registered in the FSM and are considered very good friends. The Nation has an interest in maintaining and strengthening these friendships.
Citizens of the FSM may be most immediately interested in the outcomes from the meeting with SoftBank Energy Corporation, which is entering into a Joint Venture with FSM Petroleum Corporation (FSMPC/Vital) for the development of the renewable energy component of the Integrated Coconut Processing Facility on Tonoas, Chuuk State. The President emphasized the Nation’s sincere interest in the partnership, advising that the Nation hopes the project on Tonoas is the first of many more to come in the future.
“Our relationship with Japan overall, and its people and companies…[is strong because of our long tradition of friendship, and the stability of the FSM Government]. We really want to nurture this, and as President of the FSM, I assure you of my full support. Let me know how else I can show my support to you and to [FSMPC/Vital] on this project and others to come,” President Panuelo said.
In the evening, a reception was held to celebrate 31 years of formal FSM-Japan diplomatic relations, the 33rd anniversary of the FSM’s Independence, and the 40th anniversary of the FSM’s Constitutional Government. 2019 is also the 150th anniversary of the birth of Mori Koben, the Japanese trader who—in more ways than one—launched the beginning of FSM-Japan relations more than 100 years ago when he moved to Chuuk, and helped establish Japanese businesses there.
“I wish to extend my sincere gratitude and appreciation to all who are present, as well as those who could not come tonight, for your continued cooperation and contribution in strengthening the Kizuna between our two countries,” President Panuelo said, to an audience inclusive of dear friends such as the Honorable Norihiro Nakayama, Parliamentary Vice-Minister for Foreign Affairs, the Honorable Keiji Furuya, Chair of the Japan-FSM Parliamentary Friendship League, and the Honorable Daishiso Yamagiwa, Secretary-General for the Japan-FSM Parliamentary Friendship League, among many more.
“I hope that the friendship and cooperative relations that we have so enjoyed between the FSM and Japan will grow ever more in the many years to come,” President Panuelo continued.
The FSM National Government is committed to continuously building upon and strengthening the Kizuna between the people and Government of the FSM and the people and Government of Japan.
