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Progress in Bringing Foreign Trade Zones
to Warren County
Did you know that “foreign trade zone” status is one of the top five factors international companies look for when choosing new site locations? EDC wants to bring global businesses to Warren County, as they are likely to bring more jobs and growth to the area.
In 2007, EDC initiated discussions about Warren County’s participation in the Foreign Trade Zone program. Foreign Trade Zone (FTZ) status is a sophisticated business tool that enables internationally-oriented companies to source, manufacture, and distribute their products more cost-effectively.
EDC’s focus in 2008 is on completing the FTZ site identification, paperwork, and securing the needed approvals so that we can help Capital District Trade Strategies, the administrator of the region's foreign trade zone, to finalize the FTZ application for the Capital District (including Warren County). EDC has received funding commitments ($15,000 total) for the project: EDC is contributing $5,000; QEDC is contributing $5,000; GFLDC, $4,000; and WWIDA, $1,000.
Final approval of the Foreign Trade Zone application is expected in autumn 2008. For more information, contact John Wheatley, Economic Development Specialist, at 761.6007 ext. 307 or jwheatley@edcwc.org. |
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