Vt. Northeast Kingdom gets special trade status
THE ASSOCIATED PRESS | April 01,2013
ST. JOHNSBURY — Vermont’s Northeast Kingdom has been granted a special foreign trade zone designation that backers hope will drive more economic development for the region.
The foreign trade zone designation is expected to benefit two foreign companies planning to set up shop in Newport as part of a regional economic development initiative, AnC Bio Vermont and Menck Window Systems, which are expected to create hundreds of jobs in Newport, but other companies in the region could also benefit.
Other companies anywhere in the region that import materials for local production could qualify for the tariff- and tax-breaks in the foreign trade zone. For example, they would be able to import materials, assemble the products and then ship them out of the country again, said David Snedeker of the Northeastern Vermont Development Association.
“It’s like it never came into the country,” Snedeker said.
The designation was granted March 22. It is intended to expedite and encourage foreign commerce.
Newport Mayor Paul Monette said he’s pleased with the status.
“It is another economic tool which will help attract and maintain businesses in the Northeast Kingdom,” Monette said.
The Caledonian Record reported the zone was granted under a new designation, which allows an entire region to qualify as a foreign trade zone.