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Political Economy of the Free Trade Zone in Okinawa: 沖縄地域学リポジトリ

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Title

Political Economy of the Free Trade Zone in Okinawa

Author(s)

Nukumi, Tetsuro

Citation

名桜大学紀要 = THE MEIO UNIVERSITY BULLETIN(5):

29-37

Issue Date

2000-12-14

URL

http://hdl.handle.net/20.500.12001/7981

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Tetsuro Nukumi

沖縄の自由貿易地域 (FTZ)の政治経済

生 見 哲 郎

Abstract

TheOkinawanFreeTradeZones(FTZ)includingtheNew FTZinNakagusuku,theonly onesexistinginJapan.arenotFTZinarealsense.】ntheOkinawanFTZson一yraw materials andsenli-processedfinishedproductsaretreatedduty-free. Butin many FTZsin the world bothfinishedproductsandsemi-processedgoods,includingso-calledimportedquota(IQ)items, aretreateddutyイreeinthedesignatedregions. Otherincentivemeasuresforinvestors,such ascorporateincometax around 22% formedium and smallcompanies,are notcompetitive enoughintheAsianmarket. Theaveragecorporateincome tax in mostAsian countriesis around 15%. With thislimited attractivenessforboth domesticand foreign investors,full scaleFTZcoveringallofOkinawamustbeimplementedassoonaspossible.Thearrangement canreducetheenormousamour-toftimeandmoney required to putallforeign goodsin a designatedbondedarea.

要 約 沖縄 自由貿易地域 (FTZ)は那覇市の 「自由貿易地域」及び中城湾の 「特別 自由貿易地域」を含めて、 実質的には、自由貿易地域 とは言いがたい。沖縄の 自由貿易地域 は原料や半製品のみ免税扱 いである。世 界に多数ある本来の 自由貿易地域 は単 に沖縄型の外国か らの原料や半製 品 だけで は な く、輸 入割 り当て (IQ)品 目を含めて、外 国製品に対 して、域内は関税 フリー (自由)である。沖縄FTZの便 通策 で あ る中小企業向けの法人税 の約22%もアジア市場では競争力があるとは言 えない。 ア ジア諸 国の法 人税 の 平均は約15%である。国内外の投資企業 に対 して魅力の乏 しい沖縄 の自由貿 易地域 を考 え る と、早 急 な 「全県 71)- トレー ドゾー ン」が実現 されなければならない。そ うす ることで 日本だけ に存 在 す る保税 地 域 に外国貨物 を保管する兼務がな くな り、膨大 なお金 と時間の節約 となるo L Introduction

AnOkinawaprefecturalgovernmentspecialtaskforce,whichwassetupln the Departmentfor PromotionorCommerceand Industry led by Hiroiwa Miyagiwith 5lstaffmembersin September,

1999,hasbeenbusycampaigningforanew OkinawaFreeTradeZone(FTZ)forboth domesticand foreigncompanies.Thenew FTZ,about100hectaresinsize,istobesetupatNakagusukuBayNew PortareaonthemainislandofOkinawa. With nationalgovernmentapproval,the plan wasto be submittedtothedirectoroftheOkinawaDevelopmentAgencybytheend ofNovember,1998. The prefecturalgovernmentsentquestionnairesto 3,443 companiesin Japan and 720 firms in Taiwan abouttheirinterestininvestingintheFTZinJuneandJuly 1998(''Shinshutsushjtai"9).Thespecial taskforcealsoconductedmeetingsexplairlingtheFTZintheKantoandKansairegionsinJapanand

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Tetsuro Nukumi in Taipei, Taiwan in October, 1998.

As far as companies in Japan go, the prefectural government has listed about 200 firms as potential investors in the FTZ induding major manufacturing and general trading firms. How have the companies responded to the request of the government? Their reaction to the questionnaire is not encouraging. Only four firms out of 481 domestic firms and 18 Taiwanese companies answering the questionnaire said "Yes" to a willingness to invest in the FTZ ("Shinshutsushitai" 9). At a meeting to interest the investment of Taiwanese companies in the FTZ in Taipei in October, 1999, some firms, including warehousing, transportation and service sectors, showed interest. Others requested a greater cut in the corporate income tax to 20% and a no-visa arrangement between Okinawa and Taiwan. Before considering the popularity question of the new FTZ plan, it is worth reviewing what the new FTZ actually is.

The purpose of this study is to analyze Japanese government economic policy in the case of FTZs in Okinawa. The methodology of the study consists of a descriptive analysis based on interviews with executives of companies in the FTZs, and my personal experiences of working in a shipping company as a certified customs specialist. Thus, the approach of this study is normative analysis, i.e. "what should be done" rather than hypothesis-testing.

A real problem for the FTZ in the region is that it lacks the incentives of most FTZs in the world. These include duty-free goods and components as well as items under import quotas in the region. Who is to blame for establishing such an ineffective FTZ then? I think the blame lies largely with the central government, especially the Finance Ministry which has jurisdiction over customs duties and the flow of foreign goods.

II. The Okinawan FTZ: FTZ in Naha and Specialized FTZ in Nakagusuku

Effective as of 1995, there are 636 Free Trade Zones (FTZs) in 98 countries ("Okinawa" I) America alone has about 340 FTZs including eleven in Hawaii. Although there is a large number of FTZs in the world, FTZs can be divided into two groups. One is the Hong Kong-type FTZ. which covers whole areas of Hong Kong including port facilities. commercial, and residential places based on no import duty. Another one is the American-type FTZ. It is a restricted area for foreign goods and components to be unloaded, manufactured, stored, and assembled without immediate payment of any tariffs. United States customs duties are levied only when the goods are shipped from the FTZ to other places within the United States. The American FTZ is often called a Foreign Trade Zone where foreign goods and components are treated as foreign without being subject to U.S. customs laws and duties until they are shipped out of the zone to other destinations in the United States. Common features of world FTZ, including the Hong Kong and American types. are that import quotas are not involved; goods and components are duty free; and inverted tariffs are adopted. What is the Okinawan FTZ then?

1. FTZ at Naha

In Japan. there are only two FTZs. They are both located in Okinawa. One FTZ is near Naha airport. It opened in April, 1988. At first, 22 companies entered the zone to take advantage of the so-called free trade zone. These companies engaged in manufacturing or wholesale business by importing raw or semi·processed materials, such as seafood and agricultural products as well as electronic components, into the designated 2.7 hectare zone. However, as a result of poor business performance in the zone. one company after another left the region with red ink. As of February, 2000, only thirteen companies were doing business in the FTZ in Naha. These companies are 1. Okinawa Free Zone Food Co., Ltd.; 2. Nippon Prawn Firm Co., Ltd.; 3. Prima Co.. Ltd. (wholesale business of household utensils and clothes); 4. Okinawa Free Zone Trading Co., Ltd. (processing sea food); 5. Okinawa Tsukansha and Co., Ltd. (customs broker company); 6. Taira Trading Co.,

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Ltd.( trading business with display shops); 7. Yamada Jewelry Shop and Co., Ltd.; 8. Okinawa Clover Co., Ltd. (agricultural preserved food company); 9. Okinawa West Union Co., Ltd. (health food manufacturing company); 10. FTZ Kitchen System Co., Ltd. (meat and frozen fish manufacturing company); 11. Okinawa Digital Center Co., Ltd. (information data equipment manufacturer); 12. Okinawa Call Center (information call center and information related equipment display); 13. Mehiko Shoji Co., Ltd. (sea food restaurant). The total output of five billion yen at the peak time of 1989 fell to one billion yen in 1997 ("Kaisetsu" 15) With a partial revision of the promotion of Okinawa Economic Development Law in April of 1998, items qualifying for inverted tax in the present FTZ were increased. But corporate income tax would be reduced by 35 percent only in the proposed Special FTZ or new FTZ. Thus, the existing FTZ in Naha is considered just a designated bonded area with few incentives for companies. With overdue payment of the fee for leasing the land facility in the zone, three remaining firms were also under attack by the Okinawa prefectural government in

1999. During the tenth anniversary year of the FTZ, the prefectural government was eager to revitalize business in the zone by streamlining inefficient companies, but the government Jacked concrete measures to do so.

As early as November 1980, the prefectural government submitted a plan to the central government for setting up the present FTZ in Naha. It suggested Naha port and Nakagusuku port be designated as FTZ. It then requested the following policy of the national government. First, it suggested the concentration of various bonded facilities such as bonded warehouses, manufacturing factories and display areas in one place. Second, it demanded that foreign goods and components be duty-free and not be subject to consumption taxes in the zone. Third, it asked that import quota items in the region be tax-free. The result was that only the demand for concentrating various bonded areas into one facility was granted by the national government. The compromised product of Okinawa FTZs among interest parties is further discussed in section Ill.

2. The New FTZ in Nakagusuku New Port.

In considering the new FTZ, the following questions need to be addressed. What is the proposed new FTZ? How is it different from the present FTZ? What are the merits and demerits of the new FTZ? Has the failure of the present FTZ been rectified in the new FTZ?

To answer the first question, features of the new FTZ can be summarized as follows. Unlike the present FTZ in Naha, the proposed new FTZ at Nakagusuku New Port area is 98.7 hectares in size, which is 37 times larger than the FTZ in Naha. The prefectural government is aiming to bring about

50 to 80 companies in the new zone. Comparison and contrast between the FTZ in Naha and the FTZ at Nakagusuku are summarized in Table 1.

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Tetsuro Nukumi

Table 1

Comparison and Contrast between the FTZ at Naha and the New FTZ in Nakagusuku

Location and Size

Establishment Date, Number of Shops at First and Present

Incentives for Investment Shops (1) Tariffs (2) Other Incentives Such as Corporate Income Tax FTZ in Naha

Sakihara Recreation Site, Kagamizu, Naha,

2.7 hectares

April 1988.

22 firms originally and 13 companies now

Until 1998, no tariff incentives such as in verted tariff system (selection of lower imported duties based on either materials or finished goods at the time of shipment out of the zone) was made Since 1998, inverted tariff system has been applied.

a. Depreciation of tax on machines and equipment by 50% and 25% on factory buildings

b. Exemption of local fixed asset tax and local business tax within 5 years

Special FTZ (Nakagusuku)

Katsuren Town, Gushikawa City, Okinawa City

98.7 hectares

March 1998.

The prefectural government aims to bring about 80 firms there.

Adoption of inverted tariff system on certain items to be processed, assembled in the zone. Processed beef, processed cocoa, and all items except leather and leather products are subject to inverted tariffs.

a. Reduction of corporate income tax by 35% within 10 years after its establishment.

Large companies: the current corporate income tax rate of 46.3% would be reduced to 31.2% (26.3% within 5 years). Medium and small companies: the current 33.9% would be reduced to 22.2% (19.0% within 5 years).

b. With the investment of over 10 million yen for machines and buildings, 15% of taxable property of machines and 8% of that of buildings would be deducted from corporate income tax.

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A major difference between the two FTZs is that corporate income tax is to be reduced by 35% within ten years in the new FTZ. It also adopted an inverted tax system on certain goods to be processed and manufactured in the region. A reduction of corporate income tax from the present 46.3% to 31.2% for a large company with income over 8 million yen, and from 33.9% to 22.2% for a small or medium-size firm with an income of less than 8 million yen within ten years after their establishment in the zone is a major merit (Miyagi 190). A tariff merit of the new FTZ is the adoption of the so-called inverted tax system on certain goods processed and manufactured in the zone. However, a duty-free arrangement for import quota items, as requested by the prefectural government in the draft plan, has not as yet been granted by the central government. The question remains whether the new FTZ can lure both domestic and foreign investors in the zone with such incenti ves.

III. The New FTZ as the Product of a Compromise Between the Group for and the Group Against a Full-scale FTZ Covering the Entire Region of Okinawa

What brought about the proposed new FTZ? It is the result of a compromise between groups for and against the FTZ. A chronological review of the tug of war over the plan for the new FTZ among the national government, Okinawa prefectural government, and interest groups suggests the resulting Okinawa FTZ is a compromise. When the introduction of the new FTZ appeared as an economic development measure of the local government in 1996, there were heated debates between groups for and against the FTZ. In spring, 1996, the Okinawa prefectural government announced a plan for constructing an international city. But the plan was criticized for its lack of industrial components. In April, 1996, business organizations in Okinawa suggested an economic development plan through a newly created FTZ with revised laws affecting foreign trade. In August in the same year, the prefectural government responded with the idea of introducing special measures such as the FTZ having its own tariff system and abolishing the import quota system as well as introducing a no-visa arrangement for foreign tourists.

In March, 1997, the central government disapproved the idea of the Okinawa prefectural government by saying that it constituted two different systems in one country. Then Chief Cabinet Secretary Seiroku Kajiyama announced that revision of trade-related laws, which may lead to two different systems within one country, would be possible in Okinawa. In March, 1997, the Okinawa prefectural government quickly established a committee with Naoki Tanaka as chairman for promoting Okinawa's economy through deregulation. By April, 1997, the Liberal Democratic Party as the ruling party decided to create another FTZ in Okinawa in order to strengthen Okinawa's economy.

In June, 1997, the prefectural government announced its initial FTZ plan. It suggested adopting an American-type FTZ by designating a restricted area of 200 hectares as the foreign trade zone. A duty-free arrangement would be made within the zone. As an investment incentive, it also suggested reduction of corporate income tax and investment tax. In July, Tanaka's committee proposed a full-scale FTZ covering all Okinawa's islands by the year 2001 and submitted it to the governor, Masahide Ota. Agricultural organizations in Okinawa, such as Okinawa's central agricultural cooperatives, soon raised opposition to the idea of the FTZ suggested by Tanaka's committee. They felt it would threaten to their products, especially locally produced sugar which is seven times more expensive than that of Australia and Thailand.

Three months later, in September, 1997, Governor Ota announced another draft plan suggesting a full-scale FTZ be adopted in 2001. According to a survey by the Ryukyu Shimpo Newspaper Company in October, 1997, 55.4% of Okinawans were for a full-scale FTZ, and 25.7% were for a limited FTZ. Only 7.5% were against it while 11.4% were undecided. Among supporters of the entire Okinawa FTZ plan, 69% were for its enactment in 2001, and only 7.6% were for its implementation in 2005 (Hirano, 1998, 120). Nevertheless, prefectural assembly members, including the Liberal

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Tetsuro Nukumi

Democratic Party's "Shinseikai," voiced the idea that 2001 was too early, The Communist Party was against FTZ by itself while the Komei Party in Okinawa supported starting it in 2001 if favorable conditions were met. Meanwhile, the local business executive organization chairman, Yoji China, suggested the gradual adoption of a full-scale FTZ in the entire region of Okinawa by 2005, instead of 2001,

In November. 1997, the prefectural government finally announced its FTZ plan suggesting creation of a new FTZ in a limited region and gradual adoption for the entire region of Okinawa in 2005, The ambivalent position of the prefectural government vis-a-vis an Okinawan-type FTZ is reflected in the process by which another FTZ was to be created in Okinawa. The process is summarized in Table 2.

Table 2

Initial Plan. Tanaka Committee Report. Draft, Prefectural Final Plan for the FTZ

Prefectural Tanaka's The Draft Prefectural Final Plan Government Report (Septem ber 2, 1997) (November 4, 1997) Initial Plan (July 24, 1997)

(June 12, 1997)

Areas 1 limited region Entire region of Entire region Limited region at first (200 ha) Okinawa of Okinawa and gradual expansion to entire region of Okinawa

Year of Establishing N/A 2001 2001 2005

FTZ in Entire Region

Customs Dues Outside the Exempt Establishing Duty-free on raw customs laws non-tariff items materials for processed

and manufactured goods

Exporting from Outside the Inverted tax Preferential Special arrangements Okinawa to Other customs laws system tariff for tariff exemption

Regions in Japan arrangements

Source: The author makes this table based on various data such as Asao Taira. Nihon No lkoku

Niseido [japan's Two Systems in One Country

J,

Tokyo:Hon No Izumisha, 1998, pp.22-29.

and articles of local newspapers such as the Ryukyu Shimpo and the Okinawa Times.

The existing FTZ in Naha is often criticized as "No Free Trade Zone." It is considered just a designated bonded area with few incentives for any companies. The prefectural government tried to introduce FTZ covering the entire region of Okinawa in order to invigorate Okinawan's economy by making a self sustaining economy with a deregulation of Japanese trade restrictions or so-called "introduction of two different systems under one country" by 2001. Due to the strong reaction against the idea of the FTZ covering all of Okinawa from the agricultural sectors of the prefecture, and the central government's unwillingness to introduce such an action, the end result is a gradual adoption of FTZ to cover the whole region of Okinawa by 2005. Before the prefectural government's final plan came out in November 1997, the central government, including the Finance Ministry and MIT!, strongly opposed the draft of the Okinawa local government. Table 3 illustrates the central governments reaction to the request by Okinawa's prefectural government.

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Table 3

Central Government Reaction to Request by Okinawa's Prefectural Government

Degree of Responses Content of Request by the Prefectural Government by Central

Government

Reduction of corporate income tax D

Introduction of independent tariff system D

Introduction of duty free shops B

Introduction of elective tariffs on raw materials or products D

Abolishment of IQ items in the zone D

Expansion of FTZ to Nakagusuku area A

Expansion of FTZ to entire region of Okinawa D

Expansion of FTZ to Tomishiro region C

Source: "Okinawayori" 2-3. Note: A = Can be realized soon

B=Possible

C=To be considered in the future D= Difficult

The result of the prefectural government's proposed new FTZ is the product of a compromise between the groups for and against the FTZ. Although some leaders within the prefectural government, including Governor Ota, may have boasted about the new FTZ as a decisive and attractive plan, it may not be so great in comparison with incentives in most Asian countries. Table 4 shows incentive measures taken by Qingdao City in China.

Table 4

Investment Incentives in Qingdao City, China

Content of Investment Incentives

1. (a) Foreign investment in regional economic Corporate income tax is 15%. and technological development

( b) Foreign investment in port and pier cons truc tion with over 30 million U.S.

dollars

Foreign investment into shops in high No corporate income tax for 2 years after tech industry for more than 10 years registering profits. Only half of the tax (7.5%)

is to be paid for the next 3 years.

2. Foreign investment companies engaged in Corporate income tax is 10% when export ratio manufacturing and processing goods for of the firm is over 70% of its products.

export outside China

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Tetsuro Nukumi

IV. Features of Okinawan FTZs

One of the purposes of Okinawa's FTZ is the creation of jobs in order to cope with the high unemployment rate, which is around 7.8 percent and twice as high as the average rate in Japan ("Chohyogaki" 5). The Okinawa prefectural government is estimating employment and revenue from the new FTZ would be 24,000 workers with 580 billion yen output, given all the land for the future FTZ, including Nakagusuku and Tomishiro with 380 hectares, would be used by investors. The FTZ came out also with the idea of promoting manufacturing firms. There was never the thought of supplying cheaper foreign products to consumers. Thus, consumer benefits are not much considered in the limited region of FTZ with virtually little tariff exemption on finished foreign goods for consumers. The FTZ in limited areas of Okinawa would be only advantageous or profitable to certain enterprises in the zone. This government's consideration of the interests of local small industry may lead to the creation of a less attractive FTZ, not only to Japanese and foreign firms but also to Japanese consumers. Its concern may not reflect the interests of consumers who often feel the pressure of the high cost of living due to the government policy of protecting certain industries. In this regard, a FTZ should be implemented as soon as possible in the entire region of Okinawa.

The introduction of the FTZ to the entire region of Okinawa would be necessary for putting an end at least to the foreign trade system requirement of the central government, i.e. to put import or export goods in a designated bonded area first. This system exists only in Japan. It only helps to keep customs officers employed, but causes an unnecessary financial burden of 680 billion yen on the general public, not to mention time (Hirano, 1996, 57). The cost is said to be equal to the total revenue of customs dues on imported items (Hirano, 1996, 57). The central government requirement is simply a waste of money. The FTZ in the entire region of Okinawa based on the free flow of foreign goods and components can be a good example of introducing effective deregulation of the Japanese economy, which is still largely controlled by the central bureaucracy, especially in foreign trade. We consumers must take a crack at the hard-nosed red-tape type business such as the customs requirement of putting imported or exported goods in designated bonded areas in Japan.

V. Conclusion

There were heated debates between the group for and the group against a full-scale FTZ covering the entire region of Okinawa several years ago. However, the debate has subsided with the creation of the special FTZ in Nakagusuku. We need to raise the issue of FTZ in order to avoid the same mistakes by the local and central governments in the future. Okinawan-style FTZs are not FTZs in the real sense. In order to make Okinawan FTZs more attractive to investors, duty-free items in the zone should cover not only raw or semi-finished products, but also finished foreign goods including IQ products, like FTZs in other countries. Furthermore, the government requirement of putting import or export goods in designated bonded areas should be abolished as soon as possible for the benefit of Japanese consumers. It simply makes no sense to keep such a system. Entry barriers to Okinawan FTZs for both domestic and foreign investments resulted from the complex trade rules and regulations of the Japanese central government. The time has come to streamline such central government regulations. As for Okinawa's FTZs, full scale FTZs covering the entire region of Okinawa should be implemented soon. The arrangement of an FTZ for the entire area of Okinawa would virtually abolish the requirement of putting all foreign goods in a designated area. It would be beneficial to private sectors of both domestic and foreign origin as well as consumers in general.

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Works Cited

"Chohyogaki No Shushokusensen [Ultra Ice Age for Job Seekers]." Ryukyu Shimpo, 8 June 1998,

morning ed., 5.

"Chonai Nimo Shokyokuteki iken [Negative Opinions within the prefectural government]." Ryukyu Shimpo, 2 September 1997, morning ed., 2.

Hirano, Takuya. Boeki Kakumei [Revolution in Foreign Trade]. Tokyo: Hakuto Shobo, 1996.

Hirano, Takuya. Okinawa Zenken FTZ no Chosen [Challenge of Full-scale FTZ in the Whole Okinawa].

Tokyo: Dobunshoin International, 1998.

"Honjitsu Kiko Shiki: Okinawa Tokubetsu Jiyuboeki Chiiki Kojo [Opening Ceremony: Leasing Land for Manufacturing Factories at the Okinawa Special FTZ]." Okinawa Times, 1 November 1999,

morning ed., 17.

"Island, free trade zone." Shimpo Weekly News (Ryukyu Shimpo) , 23 June 1997, evening ed., 4.

"Kaisetsu 10 Nen Kasseika Nerau [After Ten Years, Okinawa Prefecture Government Aims at Revitalization of the FTZ]." Okinawa Times, 5 September 1998, morning ed., 15.

"Kengikai: Zen ken FZ Koso ni Sanpi [Pros and Cons against FTZ among the prefectural government assembly membersJ." Okinawa times, 25 June 1997, morning ed., 2.

"Kenzeniki 0 Jiyuboeki Ni [FTZ should be a full-scale covering whole of Okinawa island]." Okinawa

Times, 12 June 1997, morning ed., 1.

"Kokusaitoshi Keisei Ni Muketa Aratana Sangyo Shinkousaku [A New Industrial Promotion Policy for Cosmopolitan City Formation]." Ryukyu Shimpo, 7 November 1997, morning ed., 8.

Miyagi, Hiroiwa. Okinawa Jiyu Boekiron [Theory of Okinawa Free TradeJ Naha: Ryukyu Shuppansha

Limited Company, 1998.

"Okinawa No Jiritsukeizai Shinko De Iken Kokan [Exchange Opinions about Self-sustaining Economy of Okinawa]." Ryukyu Shimpo 25 June 1997, morning ed., 2.

"Okinawayori Shinkousaku ni Nanshoku [The Central Government Showed Reluctance to the Demands of Okinawa Prefectural Government]." Ryukyu shimpo, 16 March 1997, morning ed., 2-3.

Qingdao City Foreign Trade Committee. Investment Plan in Qingdao. Qingdao: Qingdao Publishing Co., Ltd. 1995.

"Shinshutsushitai Kigyo wa Yonsha [Only Four Firms Interested in Investment in the FTZJ:' Okinawa

Times, 27 August 1998, morning ed., 9.

Taira, Asao. "Kennai Kigyo Tota Wa Gokai [Misunderstand about local enterprises to go out of business by FTZ]." Ryukyu shimpo, 25 June 1997, morning ed., 2.

Taira, Asao. Nihon No ikkoku Niseido [Japan's Two Systems in One Country J. Tokyo: Hon No Izumisha,

1998

"Zenken Jiyuboeki Jibojiki 2001- 2005 Nen 0 Teiji [Presenting introducing period of the FTZ covering whole of Okinawa island between 2001 and 2005J," Okinawa Times, 4 Novemver 1997, morning ed., 1.

"Zen ken Jiyuboeki Soan: Taishogai Hinmoku Sentei De Nankou [The Draft of a Full-Scale of FTZ Covering Entire Region of Okinawa: A rough passage over selection of exclusive items for duty free goodsJ." Okinawa Times, 2 September 1997, morning ed., 1.

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