Yap Summit Community Sector - Yap State Government

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YAP STATE GOVERNMENT Gender Class Worker & of FSM Yap Yap % Home production activities for own use/sale Female, Informal Sector Sub- Total Female, TOTAL 122 9 0.92 149 10 1.02 2,755 450 46.09 Figure 8 Class of Workers & Gender & Private Sector Source: Yap State Census 2010 Links with other sectors Existing Critical links between private sector entrepreneurship and gender related organizations/initiatives. Private sector as defined by other sectors/domains: agriculture, fisheries, tourism. Suggested Private Sector – DOE – COM – Vocational Training Institutions/initiatives. Strengthen explicit links with agriculture, fisheries, tourism. Private sector and IT technology/business. [Secretariat Note: explore the following: “The National Department of Education has contracted the FSM College of Micronesia to assist in the development of Information and Communications Technology (ICT) standards for students, teachers and administrators. These standards will guide the integration of ICT in future years. Training and purchase plans will be developed based on the standards.” Source: FSM: Comments from the Federated States of Micronesia on the Five Year Review of the Amended Compact of Free Association (2011), pp. 23. Explore also: E-Commerce Micronesia, Made-in-Micronesia, and Micronesia Saves. Endorsed the establishment and alignment of the e-commerce initiative supporting the RWDC's entrepreneurial priority area. This includes positioning a product signature identity "Made-in-Micronesia" strategy. This endorsement extended to the corresponding recommendation to establish a similar strategy entitled „Micronesia Saves‟, which supports the RWDC's computer and financial literacy strategy. Explore also: “Tonga Declaration”, a “Framework for Action on ICT for Development in the Pacific”, assignment of the lead coordination role of the Secretariat of the Pacific Community (SPC), and the establishment of regional initiatives including the Pacific 20 | P a g e
YAP STATE GOVERNMENT Computer Emergency Response Team (PacCERT), Pacific ICT Regulatory Resource Center (PIRRC), and ICT Capacity Building for Pacific ACP Countries (ICB4PAC).] The Sector through existing reviews and/or policies U.S. Department of Interior: Report to Congress on the First 5years Review of the Compact of free Association with the Federated States of Micronesia (2010) pp. 15. “The value of private sector production, excluding households, … it averaged 26.8 percent in 1995-2008.” pp. 16. “According to the IMF, the FSM was ranked 126 th in the world in the most recent Doing Business Report from the World Bank. This ranking, the IMF notes, was not only lower than the previous one, but also the lowest among the Pacific Island countries.” pp. 18. “This unavoidable reduction in Compact grant and public spending translates to jobs and income, which have so far not been replaced by gains in private sector outputs and jobs.” pp. 18. BUSINESS AND TAXES: “the call for growth in business and, therefore, the tax base more urgent.” pp. 18. PUBLIC INFRASTRUCTURE: “one way to increase economic output quickly is to expand public infrastructure that would add to the productive capacity of the economy in the longer term and create jobs in the near term.” pp. 18. INFRASTRUCTURE – TOURISM: “ Infrastructure such as improvements in roads and port and airport facilities may particularly be helpful to tourism, which despite slow growth in recent years holds some potential … specialty groups such as divers, the so called eco-tourists and regional and world explorers of the oceans.” FSM: Comments from the Federated States of Micronesia on the Five Year Review of the Amended Compact of Free Association (2011) pp. 47. “private sector output has declined by 1.9% across the FSM from FY04 to FY08 … Yap a significant decrease. This lackluster performance is attributable to a number of factors including delays in the implementation of infrastructure projects, the erosion of household spending power, the continued weakness of exports, the worldwide economic slowdown, the slumping of the nation’s tourism industry, the impacts of the global financial markets crisis, the slowing of remittances from overseas workers and the shift in productive factors based on consumption-induced price shifts.” pp. 47. TAX REFORM: “The major components of the proposed reform include: • Modernization and strengthening of Tax Administration through a unified Revenue Authority Act (URA); • Elimination of the Gross Receipts Tax (GRT) and the Wage and Salary Tax and replacement by a 25%Net Profits Tax (NPT); • Introduction of a 10% value-added tax (VAT) to replace current national customs duties and state sales taxes, as well as state ability to impose an exercise tax. “ pp. 48. “Institutional structures are the investment, employment, fiscal, monetary and external policies that contribute to the nature of the private sector climate. The World Bank identifies each of these policy areas as contributing to the “Ease of Doing Business” (EDB) index in a particular country. The FSM debuted on the World Bank’s EDB index in 2009 as the 125 Th most business friendly country of the 183 countries tracked … Overall the 21 | P a g e
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