Letter to the Editor Excellent opportunity
I congratulate Governor Tenorio, the congressmen and senators that have made the Free Trade Zone a reality. It was my pleasure to serve as the chairman of the Free Trade Zone Development Committee. I hasten to express my sincere appreciation to all the committee members and support staff of the FTZ for their many hours of hard work and extraordinary contribution to make this a reality.
It will be the people of the CNMI including high school and college graduates who will benefit from the high tech careers that will be developed as a result of the creation of this Free Trade Zone Act.
This new law will not bring in thousands of alien workers. In fact all persons working in the Free Trade Zone must be paid U.S. minimum wage at $5.00 – $6.00 per hour even at entry level. The FTZ is designed for a minimum number of aliens and a maximum number of local resident employees.
From the international businessman viewpoint, this is an opportunity for investors to establish new and exciting businesses in the CNMI. We expect American firms to set up new high tech businesses and to export goods and services to Asia. Likewise, we believe Asian firms will export their products and services to the United States. Hopefully we can make the CNMI the commercial crossroads of the Pacific.
It will not be easy to attract investors to the CNMI as many countries around us in Asia stand ready to provide investors not only free land but also large low rent facilities to house their businesses in exchange for the jobs that are created by the investors.
In the CNMI, we will not be offering free land or free buildings to FTZ investors, but we do have some advantages that some investors will desire. We can provide the stability of the American flag, including the U.S. Judicial and banking system, the dollar currency, U.S. copyright, patent and trademark laws – to mention a few.
Depending upon the expected benefit to be derived by the people of the CNMI, the Free Trade Zone investors will receive significant tax advantages. Other benefits to investors include our favorable time zone with Asian countries, English language. Also imports of raw material into the Free Trade Zone or shipments out of the CNMI in the same form, or as a different product are free of custom duties. Made in the U.S.A. labels are pen-permissible on products when certain value added and qualified raw material requirements have been met.
The CNMI also has an excellent ocean-shipping schedule and several air carriers serving Asian Countries, plus a great communication system, Internet, cellular and worldwide direct dialing. Last but by no means least, investors can enjoy the island lifestyle with great climate, beautiful beaches and warm weather year round, plus in reality, the CNMI should be called Friendship Islands, Saipan, Tinian and Rota, as the world’s friendliest people live in these beautiful islands.
Bob Jones
Chairman
FTZ Development Committee
