The U.S. Department of Commerce has approved a foreign trade zone for nine communities in the Phoenix, AZ area.
Economic development officials say large companies often look for foreign trade zones when seeking to relocate. Companies in foreign trade zones are able to import and export parts and products while reducing or eliminating customs duties and various taxes.
The federal agency approved the FTZ designation for the entire West Valley from the Phoenix limits, according to Jack Lunsford, president and chief executive of Westmarc, the West Valley business coalition.
Lunsford also heads the Greater Maricopa Foreign Trade Zone Inc., which will administer the zone. City leaders in the Phoenix area say the designation will be a boon to economic development efforts.
You might like:
- 3D Systems Expanding In Tennessee
- Amazon Adding Two New Fulfillment Facilities In California
- Business Report: Illinois Leaders Form Non-Profit to Spur Job Creation
- Industry Focus: Aerospace Sector Is Flying High Again
- Data Cowboys
- Kansas City Launches “Smart City” Initiative
- Leading FDI Experts Analyze Global Trends At LiveXchange
- Michigan Hot Dog Maker To Expand, Hire 140 Workers
- Chicago Celebrates Technology Startup Hub Expansion, 700 New Tech Jobs
- Last Chance
- Mitsubishi Heavy Industries HQ Moving To Texas
- Shopping Bag Manufacturer Creating 100 Jobs In Georgia
- Automotive Parts Supplier Expanding In Indiana
- Salesforce To Grow Regional HQ, Add 800 Jobs In Indiana
- State Focus: New York – Accelerating Biotech Innovation In The Empire State
- Advanced Manufacturing Industry: Dynamic Advancements
- SIG SAUER Moving Ammunition Manufacturing To Arkansas
- Two-Way Street