Good morning. It is my great pleasure to welcome you to the first Investment Development Conference for the U.S. territories of Guam, American Samoa, the U.S. Virgin Islands and the Commonwealth of the Northern Mariana Islands. I thank you all very much for coming.

There has been a great deal of excitement about this conference, and I've certainly gotten caught up in the excitement myself. We actually have the governors of all four territories here, and I believe all of their Members of Congress.

I'd also like to thank all the people who have tuned in to watch these proceedings from around the world. This conference is being broadcast live via the internet to all of the territories, as well as to the Marshall Islands, Palau and the Federated States of Micronesia.

So I'd like to say "Hafa Adai" to our viewers in Guam and the Northern Marianas, where it's already after 11 o'clock at night.

I'll say "Talofa" to the hearty souls who are watching in American Samoa, where it's just after two in the morning. I'd like to bid "Good Day" to our friends in the U.S. Virgin Islands, and send my best wishes to everyone else who's watching throughout the Pacific.

We'll have panels later today that will discuss how communications technology can help to overcome the isolation faced by island societies. I'm pleased to be demonstrating that concept at this very moment.

For anyone who is thinking of doing business in the territories, this is an unprecedented opportunity to meet the movers and the shakers. In addition to top officials from the territories, from the Federal Government and from international financing institutions, we also have potential local partners from the business communities of each area.

We have bankers. We have experts who can tell you everything you need to know about doing business in the territories. We have people who can give you the details about specific projects that might be great opportunities for your company.

Each company, of course, will do its own diligence to determine whether it makes sense for them to do business in an insular area. We are not in a position to endorse any particular project or investment opportunity.

What we wanted to do was to bring together in one place the people who can get you all of the information you need to make informed decisions. We wanted to give each territory a chance to tell its story, because each has a great story to tell.

I had a wonderful trip to the U.S. Virgin Islands earlier this year. Having spent time on St. Croix, St. Thomas and St. John, I can personally attest that all of the U.S. Virgin Islands have tremendous beauty, and each has its own special attraction.

The U.S. Virgin Islands have beaches that beckon and a warm tropical climate. But one of its greatest assets is the strong sense of history that you feel when you stroll down the cobblestone streets of places like Charlotte Amalie on St. Thomas or Christiansted on St. Croix.

The history of these islands stretches back well before Columbus's landing there more than five centuries ago.

We all think of the U.S. Virgin Islands as an excellent vacation spot, and that it certainly is. But many companies also have found the Virgin Islands to be a good place to do business, and not only in the travel and leisure industry.

The U.S. territories offer a trade incentive available nowhere else in the world. Almost any product of the territories may be imported into the United States free of duty. Products are subject to the requirement that no more than 70 percent of the product's value consists of foreign content that would require a duty or tax.

This incentive has helped create industries of petroleum refining, rum distilling and watch assembly in the Virgin Islands. In fact, the largest oil refinery in the Western Hemisphere is located on St. Croix.

Tax incentives are also very generous in the territories. No federal taxes apply, and territorial income taxes can be refunded or exempted up to 90 percent.

At the other end of the world, the American flag flies in Guam and the Commonwealth of the Northern Mariana Islands. Guam has been described as "America in Asia", and both Guam and the Northern Marianas are excellent gateways from Asia to the U.S., and from the U.S. to Asia.

Both are also excellent vacation destinations, as evidenced by the more than a million tourists-mostly from Japan-who visit these islands every year.

Guam, which has the largest deepwater port on the sea route between Hawaii and the Philippines, is also home to major Navy and Air Force bases that have increased greatly in strategic importance in light of recent events.

Major U.S. companies already have discovered the opportunities available on Guam and the Northern Marianas. There is a major garment industry in the Northern Mariana Islands and many of the recognized names in fast food and hotels are well represented, including Hyatt and Hilton.

Then there is American Samoa. You know, we tend to think of the American Deep South as places like Mississippi and Alabama. But given my duties as Secretary of the Interior, I think of America's true Deep South as American Samoa, the only American territory south of the Equator.

Just as America's day begins with sunrise over Guam and the Northern Marianas, America's day ends when the sun sets over the western shore of the island of Tutuila in American Samoa. American Samoa is home to the largest tuna canning operations in the world: Star Kist and Chicken of the Sea.

It is also home to one of the best natural harbors in the Pacific, and a National Park that showcases a lush tropical rainforest. American Samoa is known for the way its strong cultural traditions continue to govern everyday life.

Each of the territories is unique, but they all have important similarities. All of them are located on beautiful tropical islands. Each has the advantage of being both part of America and part of the region in which it is located.

All of the territories have a skilled, educated workforce that is fluent in English-a workforce that is very well trained by the standards of its region. All have the political stability that comes from the protection of the American flag and the U.S. legal system. All use U.S. currency. Judging by the support that each territory has given to this conference-all are open for business.

So get ready for a very informative day of seminars and two very productive days of networking. We hope the things you learn here, and the people you meet here, will serve you well regardless of whether you ultimately decide to do business in the territories. We've done our best to bring all of the important pieces together for you in one place. The rest is up to you.

Thank you and have an excellent conference.