Archive for October, 2010

Yap Exotic Island of Stone Money

October 30, 2010

Yap is one of the four states of the Federated States of Micronesia. It covers an area in the Western Pacific from 7-10 degrees North longitude and 137-148 degrees East latitude containing 78,000 square miles of State territory. In Yap’s territorial waters there are 142 islands and atolls, many of which are uninhabited. Population (approximately 60%) is concentrated primarily on Yap Proper, made up of 5 volcanically raised islands containing approximately 38 square miles. Twenty other islands and atolls contain 700 or less inhabitants each. The total population of the State is around 11,000 inhabitants.

Yap is serviced by Continental Micronesia, who has one flight direct from and to Guam and Palau per week on Wednesday. There are also two night per week on Thursday and Saturday from Guam through Palau and returning the same route. Additional air service is under negotiations with the present and other providers. Yap is also serviced by three different ocean vessel cargo carriers. They are the PM&O Line from the U.S. West Coast, Dolphin Lines and Saipan Shipping that connect with Matson Lines in Guam. Yap’s port is capable of handling small to medium vessels. Distances from Guam and Palau are 520 and 280 miles, respectively.

The State of Yap is a strong supporter of foreign investment. The State government is keen to offer, as a facilitator, various types of assistance to foreign investors and local counterparts who wish to invest in Yap. The Yap State Government is fully committed to promote the development of a healthy private sector. In so doing, the private sector is expected to take full control of business economic activities in the state. The government will continue to invest in and provide basic facilities, social services, and infrastructure required for continuing economic development. Government involvement in business activities, if needed, will be limited to fostering business growth by providing assistance in meeting regulatory requirements, business extension services, and facilitating.

Yap State offers numerous investment opportunities to investors. The vast spans of ocean surrounding its islands offer substantial opportunities for ventures in commercial fisheries, fish processing facilities, mariculture and, as yet untapped, commercial exploration of ocean bed minerals and exploitation of many other marine resources. It also offers investment opportunities in the agriculture industry such as coconut-based products. Yap’s unique traditional heritage and tropical setting offers a tremendous potential in tourism related activities.

Many of these areas of investment remain to be exploited. They offer great opportunities for investors who possess the resources and technology to harness the potential to mutual advantage.