World Bank Invests USD30 mnl in Digital Services and Technology

The Republic of the Marshall Islands is located in the middle of the Pacific Ocean, this remote location coupled with its technological limitations has been an obstacle for investors to undertake a project in the territory. However, we have seen the nation overcome numerous factors and establish itself as the second-largest ship registry in the world, proving that any barrier can be overcome.

Thus, the "Digital RMI" is a project that consists of promoting private sector investment in digital infrastructure that will allow this nation to establish a transition to the digital economy and likewise generate growth in the area of digital government services. The project will be developed over seven years and will be carried out through local authorities such as the Ministry of Finance, Banking and Postal Services, and the Ministry of Transport, Communications, Information, and Technology.

While the Covid-19 pandemic was one of the reasons for the development of this project, there are numerous reasons to which it can be attributed. First, due to the limited internet access in the territory, the Marshall Islands were excluded from participating in the digital economy, which was directly reflected in the loss of opportunities for development and social growth. This project would provide the Islands with a faster, more secure, and reliable connection. "This represents a critical opportunity that will benefit generations to come," said Kino Kanua, Marshall Islands Government Chief Secretary.

As indicated above, the project seeks to develop the government's digital services and promote the transition to the digital economy. However, it is not limited to this, since it will also allow access to other opportunities such as the development of digital skills, creation of new digital jobs, contribution to the area of security, and primary services such as digital health and safety.

This project will be managed by local authorities in conjunction with the International Development Association (IDA), which is the World Bank's fund for countries in need. The total investment will be almost 40USD million. The development of digital services will also cover the protection of digital information and cybersecurity that will increase confidence in the system, which will also contribute to the country's desire to attract more foreign investment. If you want to know more about digital services you can contact us here at Mundo.

Tuna Transshipment Rebound in the Marshall Islands

It has already been mentioned that the Republic of the Marshall Islands is one of the most important territories in the maritime field, since it has one of the most important ship registries in the world, and in addition to this, in recent years it has developed the most important tuna transshipment port in the world with more than 315,000 gross tons per year and transit of around 400 ferries.

However, like other sectors these were compromised due to the pandemic, mainly due to the measure established by the Marshall Islands Marine Resources Authority (MIMRA) according to which ships would have to comply with a quarantine of fourteen days before being able to enter the exclusive economic zone, due to this measure only 180 transshipments would be registered in the whole year of 2020, being the lowest number since 2014, year in which transshipment was founded in the Island. This situation even caused negative repercussions in the service economy that developed around this activity. It is important to mention that the Marshall Islands are located in a highly productive area in the Central Pacific Ocean.

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However, things are changing this year, as the increase in fishing activity has been translated into a constant increase of tuna ferries seeking to enter the country's exclusive economic zone since May, which is a relief for the local economy.

Tuna fishing represents one of the most important economic activities in the country, even the local government promotes foreign investment in this area, even important projects from countries such as China and the United States can be seen. All this information is exposed on the official website of the Office of Commerce, Investment, and Tourism of the Marshall Islands, where you can also find information about how to invest, as well as other sectors with investment potential. To invest in the Marshall Islands you need a license that you can request from any part of the world, here in Mundo we can explain how to apply for it and the whole process of investing in the Marshall Islands.

Yacht Code Updated in the Marshall Islands

The important ship registry of the Republic of the Marshall Islands has already been mentioned on numerous occasions, but in addition to this, there is also a modern and innovative yachting program that attracts the attention of investors from all over the world. This program is regulated by the so-called "Yacht code", which was established in 2013 and this year received the most important modification since then.

The changes mainly cover areas such as technical support and safety in the area of shipbuilding, and can be organized as follows:

-First, new requirements were established for innovative designs, with emphasis on underwater windows for observation rooms that have gained popularity in recent times.

-Alternatives for the prevention of fires related to helicopter landing zones were reviewed. Within the same scope, the possibility for shipyards to request a helicopter landing zone technical certificate was included.

-The Inclusion of a more practical approach to submersible commissioning

-A practical approach to structural fire protection for second-class yachts was also considered. Following the same theme, a modification of the fire extinguishing devices was included to provide alternative standards taking into consideration the typical size of the yacht.

-For precautionary reasons, the rescue boat requirements were modified to provide a practical alternative standard for yachts under 500 gross tons.

-Finally, radio equipment requirements were updated to improve communication practices at sea.

We can appreciate that these measures are given to a greater extent to increase the safety and security of the vessels that are part of the Marshall Islands fleet, the Yacht code is undoubtedly one of the most modern legislation in this area throughout the world.

The modifications were made by a group of experts in collaboration with the RMI Maritime and Corporate Registry through the RMI Yacht Technical Working Group (YTWG). The Marshall Islands is known for making positive contributions to the safety and modernization of the international maritime environment.