Major push to expandx FTZ and give local businesses a boost
Examiner.com
October 4, 2010
Local economic authorities are working tirelessly to gain approval from Congress and the St. Louis Port Authority to expand St. Louis' Foreign Trade Zone. This would give local businesses a break from import duties and give the local economy a major boost.
Today, Mayor Francis Slay and St. Louis County Executive Charlie Dooley officially signed a request to expand the FTZ in St. Louis. The request would broaden the boundaries of the current Foreign Trade Zone which is encompassed within Lambert Airport. Broadening the FTZ would help St. Louis become a major trading spot with China, which in turn would be a huge boon to the local economy.
Nancy Schnoebelen, VP of marketing and communications for the St. Louis Economic Council, explained the benefits of expanding the Foreign Trade Zone in St. Louis when she said, "the Foreign Trade Zone restructuring lowers the cost of doing business and makes us more competitive. It will be a much faster process for companies."
Mike Jones is head of the Midwest-China Hub Commission, and is spearheading St. Louis' efforts to become a major trading force with China. Chinese officials will be meeting later this month with Jones and other local economic leaders to determine whether or not St. Louis will succeed in becoming the Mid-America's main trading hub that country. For more details on Missouri's Foreign Trade Zones's visit the U.S. Governments' Foreign Trade Zone Information page
