(a) The Legislature finds that:
(1) There is interest among foreign persons to make large investments on a long-term basis in American Samoa.
(2) The Territory desires such investment but needs to regulate foreign investment to attract appropriate investment and to protect native resources.
(3) In order to attract appropriate long-term investment, there is a need to provide access to the Territory for foreign investors and their families.
(4) Such investors need to have access to the Territory to manage and supervise their investments, but such access must be controlled.
(b) The Legislature intends by this act to establish a clear statutory framework for the regulation of foreign investment. Foreign investment is to be generally encouraged, on a selective basis, to strengthen and diversify the Territory's economic base. Direct competition with existing locally owned small businesses is not desired, but new industries and high labor using industries are desired. Foreign investors are to be given all reasonable opportunities and assistance in bringing commercially desirable and environmentally safe activities into the Territory. Furthermore, it is the policy of the Territory to use foreign investment to supplement, not displace, the needs and desires of the people of the Terrirory. All foreign investment is to be consistent with, and not destructive in any way, of existing social, cultural, economic and natural resources management goals. Newly developed goals may be introduced at any time, but enterprises already operating shall not be unfairly hindered or restricted by retroactive application of goals.History: 1988, PL 20-80; amd 1991, PL 22-11.