Area Development: Why are Foreign Trade Zones Making a Comeback?
Foreign trade zones are making a comeback as an additional incentive to help reduce taxes for manufacturing, e-commerce and other retail companies throughout the U.S.
Curtis Spencer, President of IMS Worldwide, Inc., spoke with Area Development on the value of foreign-trade zones to local economies and to the business community.
Spencer recommended that “any manufacturer that has $10 million or more in imports” look at the FTZ opportunities and potential benefits, and observed that “the biggest change we’ve seen in the FTZ world has been the rate at which small- and medium-sized companies have been utilizing FTZs,” which “could end up doubling their profit” by operating in an FTZ environment and changing how they import merchandise.
To read and listen to the full interview, please click here.