Palau grants, investment opportunities and more

JOURNAL STAFF

While Palau waits to see which of its U.S. grants will remain according to the Office of the President, the country is moving forward with an open door for investors.

Palau was awarded more than $71 million in U.S. federal grants for ongoing projects as of Dec. 31, according to a report submitted to the Senate of the 12th Olbiil Era Kelulau by the Ministry of Finance.

The Ministry of Health and Human Services received an initial allocation of $54 million, primarily from the U.S. Department of Health & Human Services, with $25 million still available. Workforce Innovation and Opportunity Act grants, mostly for COVID-19 pandemic unemployment assistance, received the second-largest share. The U.S. Department of Labor initially awarded $46 million, with $1.8 million still available.

The U.S. Department of Transportation provided $18 million, with $8.9 million remaining. Meanwhile, the Palau National Communications Corp. received $14.2 million from the U.S. Department of the Treasury for a mobile network upgrade, with $21,000 spent so far. The Ministry of Education secured $2.8 million in grants from the U.S. Department of Education. Of that amount, $524,000 has been used, leaving $2.3 million available.

Other U.S. federal grants include funding from the U.S. Department of Commerce for weather observation services and offshore fishery support and the U.S. Department of the Interior supports various projects, including historical preservation, water quality monitoring, household income surveys, audits, and infrastructure maintenance.

Meanwhile, Pacific Pipeline – a building supplies company – will host “a discussion on investment readiness in the Pacific, highlighting strategic capacity-building and institutional strengthening initiatives to secure positive investment in Palau” on Feb. 20 from noon to 1 p.m. Palau time. The event will be held in-person at Palau Community College.

Flyer of an upcoming investment discussion in Palau. Courtesy of the Pacific Pipeline

In his inaugural speech, President Surangel S. Whipps Jr. called for investment in the country, particularly in tourism. For more Palau news, see https://www.guambusinessmagazine.com/moving-on-up/ and https://www.guambusinessmagazine.com/spreading-its-wings/

On Feb. 14, Whipps met with Legislator Wang Yi-Chuan of the Republic of China-Taiwan and a delegation of government and business leaders to discuss partnership and investment opportunities.
“We’re open to investments and we want to share our successes with our closest partners. The only way to succeed is through partnership,” Whipps said.

President Surangel S. Whipps Jr. met with Legislator Wang Yi-Chuan of the Republic of China-Taiwan and a delegation of government and business leaders on Feb. 14 at the President’s Office, located in the One Stop Shop in Koror. Photo courtesy Office of the President.

Discussions with other members of the delegation included potential sister-city opportunities and various investment ideas.

The country continues to receive aid from Taiwan, Japan and Australia.

In other Palau news, Toby Sharpe has been appointed Ambassador of Australia to Palau, according to a Feb. 16 release from Australian Department of Foreign Affairs and Trade.

He was most recently first secretary at the Australian Embassy in Beijing and previously served in Honiara with the Regional Assistance Mission to the Solomon Islands.

In announcing the appointment, Penelope Ying-Yen Wong, minister for Foreign Affairs, said. Australia will continue to work in partnership with Palau, including to boost air connectivity with the Palau Paradise Express, promoting tourism, trade and stronger people to people links.” mbj

Palau grants, investment opportunities and more