FTZ Awarded to Chenango County, N.Y.
Chenango County has officially been granted authority to establish a Foreign Trade Zone designation, which will offer manufacturers located in Chenango County improved opportunities to compete in the global marketplace.
Foreign Trade Zones allows companies to produce or store goods in the United States as though those goods are outside United States commerce. This means that businesses can import and export goods duty-free until the items are released for sale in the U.S. market.
“This is a great opportunity for Chenango County, ” says Steve Craig, executive director of Development Chenango Corp., Commerce Chenango’s economic development division. “It is great for the businesses that are here, and for the ones that we hope will come here.”
Representatives from Norwich Pharmaceuticals and CWS attended the announcement of the zone, which is FTZ #285. Both companies were included in the Foreign Trade Zone application as Usage Driven Sites, which means they now have the authority to operate in the zone should they activate their sited. The activation of sites will require the companies to work with U.S. Customs & Border Protection, Syracuse, NY Port of Entry to adhere to federal regulations. The companies will have three years to activate their sites.
For more information contact Rebecca Sands at (607) 334-1401 or visit www.chenangony.org/ecodev.
Compiled from Development Chenango Corp. press release.
Illustration by Stuart Miles at Free Digital Photos.net