|Foreign Trade Zone tag approved for Cates Landing |
|Posted: Tuesday, October 16, 2012 9:02 pm |
|By KEVIN BOWDEN |
Three years of hard work and persistence has paid off for the Northwest Tennessee Regional Port Authority. An application to designate Cates Landing as a Foreign Trade Zone has finally been approved by the U.S. Foreign Trade Zone Board.
“Having a Foreign Trade Zone designation at the port and throughout West Tennessee will aid companies in being more competitive in the global marketplace,” port authority chairman Jimmy Williamson said.
“The Port of Cates Landing will continue to be a catalyst for economic development, jobs and new investment throughout the region,” he said.
The port authority’s trade zone has been designated FTZ 283 and is one of 10 FTZ sites designated in West Tennessee.
Cates Landing and its industrial area in Lake County and the Memphis Mega Site in Haywood County are two of the 10 sites.
Other industrial sites that are now designated as Foreign Trade Zones include Obion, Dyer, Gibson, Haywood, Lauderdale, Madison and Tipton counties.
The FTZ designation is considered a major achievement in terms of economic development, as it will allow industries within the zone to compete globally.
The West Tennessee Industrial Association spearheaded the port authority’s FTZ application and will serve as the FTZ administrator.
WTIA executive director Mike Philpot said his agency will set up informational sessions to update companies in the region about FTZ issues.
“Our companies are never going to be any less global, and by participating in the Foreign Trade Zone program, our communities can better compete and perform in the global marketplace,” Philpot said.
Other cities in Tennessee with FTZ designations include Memphis, Nashville, Clarksville, Knoxville, Chattanooga and the Tri-Cities.
By participating in the FTZ application, rural communities in West Tennessee will now be able to offer the same logistical and competitive advantages to their industries as one would find in Memphis, Nashville, Atlanta, New York or Los Angeles,” Philpot said.
Staff Reporter Kevin Bowden may be contacted by email at firstname.lastname@example.org. Published in The Messenger 10.16.12