A recently issued First Hawaiian Bank Economic Forecast has Guam listed as one place not expected to be hard hit by the economic downturn. The forecast indicates numerous avenues for profit related to the upcoming military buildup. Companies from as far as Switzerland and as close to home as the CNMI are on island to attend Guam Industry Forum III and are eager to take advantage of the military buildup.
Almost 1,400 representatives from companies around the world are attending the third Guam Industry Forum, attempting to gain critical insight in what will be done during the 2010-2014 military buildup. JoeTen Industries out of the CNMI has their corporate hand in every business from real estate, construction material supplies and shipping. Construction Material Supply General Manager, Jesse Sablan says the CNMI based company is looking forward to the economic opportunities available on Guam come time for the buildup.
"If we pull our resources and vector ourselves into an area of the market we are familiar with and also listen to the good, kind advice that people give us," Sablan told KUAM News. "We intend on using that to our advantage and hopefully that will provide some gainful employment for some people who lost their jobs."
Even local companies with home field advantage like Advanced Management Incorporated are looking to forge new relationships with bigger off-island companies because this time around, local companies will have the upper hand. AMI president and CEO Monty McDowell said, "Guam businesses are very much in the know than businesses that have gravitated to Guam before so they're learning from us."
McDowell added, "As we proceed in discussions with them, they see that we have competencies here that can help them, so I think we're going to be good fore each other."
Construction companies and general contractors aren't the only ones wanting to take advantage of the military buildup. According to the economic forecast from FHB, the buildup will be good for Guam's tourism industry, which is already reaping the benefits of events associated with the troop relocation.
Hilton marketing and communications manager Crystal Sablan said, "We've seen an increase as far as travelers coming in from the U.S. mainland side staying with us at the hotel. Hilton is synonymous with hotels back in the U.S. and we've seen an increase in corporate companies heading to Guam to see what's going on with the military buildup."
And as the demand increases for hotels to provide service to people coming in and out of Guam, the demand also increases for airline service providers, something director for Continental Micronesia sales and marketing David Kendell says his company will take advantage of. "From an airline perspective," he said, "We always look for demand and we are wanting to grow, but of course it's all about supply and demand and this military buildup will bring Guam not only the demand, but a lot of opportunities for both the public and private sector and from that you're not only looking at customers flowing into Guam, but also customers flowing out."
GIF 3 continues through Thursday at its trifecta of venues - the Marriott, Hilton and Sheraton hotels. By John Davis - Kuam.com
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