Guam- Think local. Hire local. Buy local. That was the theme for a special seminar at the Guam Chamber of Commerce 7th Annual Small Business Expo and Outreach held inside the Hyatt hotel Thursday afternoon.
A panel of five industry experts gave their views on how buying local products and building partnerships will generate more revenue for the island.
University of Guam (UOG) School of Business and Public Administration Dean Dr. Anita Enriquez says if you shift spending locally by 10%, additional spending in a $4 billion dollar Guam economy will be $1 billion more. She mentions additional Gross Receipts Tax (GRT) on that $1 billion will also equal $40 million dollars. Enriquez notes involving various partners from the public and private sectors to reach that goal means more support and more jobs in the long run.
“[It’s] leveraging all of those particular partners, because again, it is a Guam wide initiative towards helping to develop the economy even further” said Enriquez.
Dr. Enriquez adds the Guam Young Professionals (GYP) will be taking on an educational campaign to help people understand the benefits of buying locally on island.