Cabras Marine Corporation’s (CMC) President Joseph L. Cruz has been appointed as Co-Chair for the Governor of Guam’s Economic Diversification Working Group. This public-private partnership was established between the Guam Chamber of Commerce, Guam Economic Development Authority (GEDA), and various local Government of Guam agencies.
Prior to the formation of the working group, Mr. Cruz assisted in leading the Guam Chamber of Commerce when it formed an ad hoc committee to conduct research and meet with stakeholders to forge an economic diversification plan. This resulted in a white paper that identified potential industry opportunities, discussed barriers to entry, provided implementation recommendations and articulated potential benefits for the island of Guam. This proposal was submitted to Governor Lou Leon Guerrero, which then formed the Economic Diversification Working Group.
The proposed alternative industries include:
- Alternative Dispute Resolution (ADR)
- Guam Captive Insurance
- Guam Trust Incentives Act Program
- Relocation of High Wealth Businesses and Individuals from Asia
- Pharmaceutical Manufacturing
- Construction & Labor (Mr. Cruz as Co-Leader)
- Ship Repair (Mr. Cruz as Co-Leader)
- Safe Haven Port
- Silicon Village Initiative
- Satellite Launching
- Aquaculture and Agriculture
The ultimate goal of this working group is to explore and implement opportunities to positively stimulate the economy of Guam that is currently in a downfall due to the ongoing COVID-19 pandemic. Mr. Cruz and his Co-Chairs are working closely with the Governor of Guam and various public/private entity leaders throughout the island to further progress each initiative to fruition.