COLONIA (YSG) – An investment agreement was signed Saturday between the Yap State government and Chengdu Century City New International Convention and Exhibition Center Company Ltd. (ETG) during a signing ceremony held at the Pacific Dive Resorts.

The agreement was signed by Yap Gov. Sebastian Anefal and Deng Hong, chairman of the ETG, who were accompanied by the governor’s Cabinet, chairman and vice chairman; members of the Traditional Council of Pilung; the chairman of the 8th Legislature Standing Committee on Government, Health and Welfare; and other members of the public.

Both Anefal and Hong delivered short remarks during the signing ceremony.

In his brief statement, Anefal said: “The year 2023 brings an end to the economic provision of the Compact between the Federated States of Micronesia and the United States, and to me that would be the funeral for the Federated States of Micronesia. If you want to prolong and postpone this funeral ceremony, then I think we have to take a bold step and this is the right time to do so. During the remaining 10 to 11 years before 2023, I think Yap has to do something.”

The governor hopes the relationship ETG and Yap have established by signing the investment agreement will create and provide the way forward so the "funeral" in 2023 could be delayed further. 

New page

Hong thanked the government and the people of Yap for accepting the investment proposal. He said this visit has opened a new page of close relations between Yap and ETG. He also said that by working together, ETG will build Yap to become one of the main tourist destinations in the Pacific region. The ETG chairman mentioned that ETG would be able to complete the construction of all the facilities in Yap within the next five years from the day of signing, if things move forward according to plan.

After the State Legislature concluded the series of oversight hearings with the administration regarding the investment agreement, the state government returned back to ETG to discuss the issue with their legal counsels before the signing of the agreement.

Prior to the signing, the Council of Pilung had taken the matter into its own hands and requested both the executive and legislative branches of government to expedite their work on the agreement so the project could start to move forward.

Hong and members of his delegation left Yap for Chengdu on Sunday, Aug. 12 aboard their private aircraft.