Transshipment talked about by activity power as essential to Guam’s financial restoration

The implementation of a transshipment sector on Guam has been eyed as a shorter-expression option to the damage dealt to Guam’s overall economy thanks to the ongoing COVID-19 pandemic.

A job drive, which fulfilled for the very first time Thursday,  was developed to analyze the field by Vice Speaker Tina Muña Barnes’ Community Law 36-23, in accordance to a push release from the 36th Guam Legislature.

Through her remarks at the conference, Muña Barnes mentioned the economy was thriving just before the pandemic simply because of “three key sectors, tourism, governing administration paying out, and defense paying out. Nevertheless, now our financial system is at a standstill in portion because of the needed measures we experienced to take to contain the unfold of COVID-19. COVID-19 has impacted the economy from the offer chain all through the earth, particularly in Asia and the Pacific and Guam. Federal support has retained our island afloat, we cannot keep on to rely on federal guidance to maintain Guam’s economic climate.”

First meeting for Transshipment taskforce at Guam Economic Development Authority in the ITC building, June 24, 2021. Taskforce members elected Governor Loudres A. Leon Guerrero as its chairperson and Vice Speaker Tina Muña Barnes as the vice chairperson. Members discussed how transshipment could aid in the economic recovery of Guam and created subcommittees to address multiple initiatives.

Muña Barnes explained Guam desires a everlasting revenue stream and thinks transshipment is the answer.

Earlier, the vice speaker and her colleagues launched Bill 2-36 to deal with the vulnerability of the island’s source chain by capitalizing on industries that have not been earlier tapped into.

With the signing of the invoice into law, Barnes mentioned transshipment will diversify the financial system and help in the recovery of the island’s economic climate by rising the output and sale of Guam’s goods and create countless numbers of work opportunities for citizens.

Lorena Princevalle

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