Thursday, December 25, 2014


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Genesee County Approved For Foreign Trade

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Genesee County has been approved as a Foreign Trade Zone. An FTZ site is designated by the U.S. Commerce Department as an area where foreign and domestic merchandise is considered to be in international commerce.

A spokesman for the Genesee County Economic Development Council says the designation will give local manufacturers savings on customs duty charges and other tax incentives.

"Typically what happens in a Foreign Trade Zone location is the ingredients that a source internationally come in and there is a duty charge. In a Foreign Trade Zone location, those duties will be eliminated when they are manufactured here in the county," said Chris Suozzi, vice president of Business Development, GCEDC.

The development council says it hopes to spur more foreign trade with local companies and as a result create more jobs.

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