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:
- Thomson Reuters Expanding Texas Operations
- Advanced Manufacturing Industry: Dynamic Advancements
- State Focus – Kansas: The Sunflower State Is Blooming and Booming
- Feature Story: 2016 Economic Development Awards
- Automotive Industry Focus: Hitting On All Cylinders
- Cover Story: Global Biotech Report
- Race to a Smart Future
- DH Pace Company Expands Kansas HQ Facility
- Toyota Chooses Ann Arbor For Third U.S. Research Facility
- Heroic Efforts In California
- Water on the Brain
- Cape Coral Economic Development Office: Location Spotlight of the Week
- GM Investing Over $788M, Creating 781 Jobs In Tennessee
- Axiall, Lotte Invest $3 Billion in Louisiana Chemical Plants
- Monsanto To Invest $975M In Louisiana Expansion
- Auto Supply Manufacturer Adding 80 Jobs In Indiana
- $25 Million Pledged for Economic Development Partnership in Flint, Michigan Amid Water Crisis