www.mybaycity.com
March 4, 2007
(Prior Story) Business ArTicle 1509 (Next Story)
Sponsored by Bay Area Chamber of Commerce
Bay Future to Aid Firms to Connect with Mid-Michigan Foreign Trade Zone
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As global trade grows, the need for Foreign Trade Zones (FTZ) will continue and expand, according to trade officials. Bay County is positioning to be involved with foreign trade, possibly through the Flint FTZ.
Fred Hollister, president of Bay Future, Inc., says: "Join us for a free seminar and learn how the Mid Michigan Foreign Trade Zone #140 can level the global playing field for your company."
Bay Future is sponsoring a Foreign Trade Zone seminar Thursday, March 15, 9 a.m. to 11 a.m., at the DoubleTree Hotel - Bay City Riverfront.
"Learn how regional collaboration can save you money and create new competitive advantages for your business," adds Hollister.
Interested firms and individuals may contact Amy Phillips at Bay Future by March 7 at 892-1400 or by e-mail at aphillips@bayfuture.com.
Among other information, the seminar will help firms leverage the combined purchasing power of the Mid Michigan Region improve capacity utilization of both foreign and domestic shipments and aggregate the flow of all inbound and outbound materials to our region providing more flexibility in your shipping options.
Hollister says: "Growing shortages of transportation capacity, increased fuel cost and new security regulations will greatly impact your ability to do business. Learn how the Foreign Trade Zone can cost effectively link your company to global resources and markets."
Foreign Trade Zone (FTZ) #140 is located at Flint's Bishop Airport. All U.S. ports of entry, including Bay City/Saginaw, are eligible for establishment of a FTZ. In fact, Bay County had Michigan's first FTZ in 1966, a project promoted in 1962 by the late H.D. "Ted" Doan, then president of The Dow Chemical Co. The zone status was relinquished in 1980.
"The level of demand for FTZ procedures has followed the overall growth trend for global trade and investment. Some manufacturing plants are operating within subzones.
According to the National Association of Foreign Trade Zones, liberalized trade rules has mitigated the need for Foreign Trade Zones in the sense that some tariffs have been eliminated by the North American Free Trade Agreement (NAFTA).
There are currently six active FTZs in Michigan, Battle Creek, Detroit, Flint, Kent/Ottawa/Muskegon counties, Sault Ste. Marie and St. Clair County.
As of 1996, FTZs exist in 220 communities in 49 states, according to the International Trade Administration of the U.S. Department of Commerce.###
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