On August 21st, 2009 the Capital Region Airport Authority's application for a Foreign Trade Zone was approved by the US Department of Commerce. Foreign Trade Zone No. 275, as it officially named, is yet another asset located in Port Lansing and another component of LRCC and the region's vision to make Lansing an international business hub. Port Lansing and FTZ No. 275 will allow companies from the Greater Lansing Region reduce their logistics and import expenses. Conducting international commerce locally through Port Lansing will help businesses increase their competitiveness in a global economy.

An FTZ is an area within the United States, in or near a U.S. Customs port of entry, where foreign and domestic merchandise is considered to be outside the country, or at least outside of U.S. Customs territory. Certain types of merchandise can be imported into a Zone without going through formal Customs entry procedures or paying import duties. Customs duties and excise taxes are due only at the time of transfer from the FTZ for U.S. consumption. If the merchandise never enters the U.S. commerce, then no duties or taxes are paid on those items.

Foreign Trade Zone status provides several benefits, including:

• Helping facilitate and expedite international trade
• Providing special customs procedures as a public service to help firms conduct international trade related operations in competition with foreign plants
• Encouraging and facilitating exports
• Helping attract offshore activity and encourage retention of domestic activity
• Helping create employment opportunities

To find out how this and other international programs may improve your company's bottom line, LRCC, in partnership with Capital Region Airport Authority, have created a new position to assist companies learn about and take advantage of the many benefits Port Lansing and FTZ No. 275 have to offer, along with other resources around the region related to international trade. Please contact Brent Case, vice president, International Business Services at  517-853-6464.
 

FTZ's Continue to Be Economic Engine's - NAFTZ Releases New Study

Foreign-trade zones (FTZs) continue to drive the U.S. economy by saving companies money and preserving jobs in the US manufacturing sector. This year, the data contained in the newly released: "The Impact of the Foreign-Trade Zones on the 50 States & Puerto Rico" indicates that FTZs play an even more important role in driving the economy. A positive message in this economic downturn.

This year's study shows that U.S. FTZs received $530 billion in goods in 2007, representing an 8.2% increase over the previous year. Additionally, the FTZ program supported 353,738 U.S. jobs.

View Study