Will Foreign-Trade Zone Bolster Chenango County?
3/28/2013 (Updated 6:47:08 PM)(Source: Jason Weinstein)
Chenango County has become the tenth in New York State to be granted a foreign-trade zone. this allows manufacturers who are part of the zone to import goods and raw materials duty-free. Those companies would pay the duty only when those items and manufactured goods are sold in the U.S.
"Things are very competitive in the global economy and any type of margin you can eke out anywhere gives you an advantage," said Steve Craig, President of Commerce Chenango.
"We have several manufacturers in the area so I think there is great opportunity for them to compete in the global market," said Rebecca Sands, Economic Development Coordinator for Commerce Chenango.
One of those manufacturers is CWS Packaging in Norwich. The company does business with foreign vendors who send materials from abroad to it's facility.
"This is going to give us that additional advantage to a strategic relationship that's already in place both with our current customers and those we are prospecting at this point," said Jason Lasicki, Sales Manager for CWS Contract Packaging Services.
Of the ten counties in New York State that have established a Foreign-Trade Zone, Chenango County is the smallest, with a population of just around 50,000. The hope is that this distinction helps bring more manufacturing to Chenango County.
"It's also a good calling card for us to say, 'Hey, relocate to Chenango County because we have this benefit that, until Tuesday, was only available in nine counties in New York state," said Craig.
CWS Packaging and Norwich Pharmaceuticals are the only Chenango County businesses so far that are part of the Foreign-Trade Zone.
****In Chenango County, Jason Weinstein, Fox 40 HD News****
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