Samoa is seeking opportunities for banks in Samoa to set up in American Samoa to help meet the territory’s banking needs, now that ANZ Bank will be leaving soon.
At yesterday’s Samoa talks, Samoa’s Minister of Finance, Mulipola Anarosa Molioo, said that if American Samoa and Samoa are to develop and enhance trade between them, it was vital to establish financing mechanisms for transactions.
Well aware of the banking restrictions non-US nationals, citizens and non-permanent residents face in establishing bank accounts in the territory, the minister is hopeful that the current discussions will result in a solution.
In an interview with Mulipola today, she said that lack of access to financial institutions is a hurdle that faces Samoan companies looking at setting up in the territory.
She said, if this is not firmed up it will create major challenges to efforts towards increasing trade between the two Samoas.
“Maybe this is an important opportunity to set up here, to cater for the current problems,” she said.
With ANZ Bank leaving the territory in September, Mulipola said, Samoa has four banks and perhaps “we can assist with the territory’s banking needs.”
She added that statements by Governor Lemanu indicate “a light at the end of the tunnel.”
There will be more discussions with the Governor and American Samoa Treasurer, in consultation with the US for assistance,” the minister stated.
She said, they will continue to explore options when the next 2Samoa meeting is held in Apia, in September.
Minister of Agriculture and Fisheries La’auli Leuatea Schmidt told the meeting, this morning, that his ministry is looking to increase cooperative initiatives with the territory.
“If you need assistance, we stand ready to lend a hand and I hope you can help us out too,” he said, adding they will not touch the local market but eyeing the US for their exports.
He said, the Scientific Research Organization of Samoa is now able to do tests for COVID-19, drug testing, DNA and making agricultural products. SROS made products were among gifts the Samoa malaga presented to the hosts at a farewell, this afternoon.
The timing of the next round of talks in Apia coincides with the Teuila Festival, which has been incorporated into the year long celebrations of Samoa’s 60 years of independence.
The Samoa talks ended this afternoon with an exchange of gifts at the atu fale Li’amatua Maota at Suiga Ula.
Governor Lemanu, Fono leaders and ASG presented a faaoso of wahoo and wine plus cash: $10,000 for the Head of State, $5000 for the Prime Minister and Speaker of the House, $3,000 to the cabinet ministers, plus $20,000 for the malaga. The Fono, also, presented $20,000 for the Samoa delegation.
Prime Minister Fiame Naomi Mataafa and her delegation reciprocated with fine mats, siapo, and made in Samoa products such as flour, wine, hand sanitizers, along with coolers of fish, green bananas and koko Samoa.
Photo: Samoa Minister of Finance with CPO Mikaele Etuale
