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Issue: 1113 Date: 12/22/2011
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City/County Joint Effort Pays Off For Local Companies Doing Business Internationally
New economic development tool will benefit manufacturers, distributors in St. Louis
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| St. Louis City Mayor Francis G. Slay lauds the collaborative efforts of St. Louis City and St. Louis County to expand the region’s Foreign-Trade Zone. |
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St. Louis, November 29, 2011- Under a new designation, local manufacturing and distribution companies now have greater opportunity to compete globally. The program is an expanded version of the Foreign-Trade Zone (FTZ) called Alternative Site Framework (ASF), and will be a useful economic development tool for St. Louis County and the City of St. Louis.
"We must provide our businesses every opportunity to succeed locally and globally," said St. Louis Mayor Slay. "The expanded Foreign-Trade Zone program gives our business community a competitive edge and positions the region as a business-friendly place to locate and expand."
In addition to reducing global supply chain costs and improving the bottom line, the designation allows new and existing companies within the City and County to secure FTZ status within as little as one month's time. Without the program, it can take up to a year to secure or expand one's FTZ status.
In October 2010, St. Louis County Executive Charlie A. Dooley and Mayor Francis Slay signed a letter of agreement to expand the competitive advantages of the FTZ for new and existing companies. Less than a year later, the United States Department of Commerce Foreign-Trade Zone Board approved the joint application submitted by St. Louis County Port Authority on behalf of the City and County, which establishes all of the County and City as FTZ-ready.
"Global trade is one of the best ways the city and the county collaborate," said County Executive Dooley. "Economic development tools like the new Alternative Site Framework directly impact the companies growing our economy and add new jobs to the region."
The St. Louis zone was among the first of 279 zones nationally to apply for Alternative Site Framework as well as the first Missouri Foreign-Trade Zone to apply. It is now among just 51 in the U.S. to utilize the ASF program.
A Foreign-Trade Zone is an area authorized by the Federal Foreign-Trade Zone Board in which entering cargo is not subject to regular customs duties. In an FTZ, duty-free treatment is accorded goods that are re-exported, and duty payment is deferred on goods sold in the United States. The Alternative Site Framework allows a company located in the geography of the City or County to be eligible for significantly streamlined FTZ application approval.
About St. Louis County Economic Council Founded in 1984, St. Louis County Economic Council serves as the County's economic development agency, driving growth and prosperity in the region. As the only economic development agency in the state to hold the esteemed Accredited Economic Development Organization from the International Economic Development Council, it provides a broad range of services to foster economic development. Learn more at www.slcec.com.
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| Denny Coleman, president & CEO of St. Louis County Economic Council, announces the approval of the expanded Foreign-Trade Zone at Sunset Transportation on December 5, 2011. |
Sunset Transportation CEO Jim Williams discusses how local companies are taking a role in the global economy and the importance of economic development tools like the expanded Foreign-Trade Zone. The announcement of the Foreign-Trade Zone was held at Sunset Transportation. |
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